Hello traders,
Looking at 4 hour chart, Bitcoin is almost at the end of the right shoulders.
Bitfinex will be having 7 hour long maintenance starting at 9am tomorrow, so I expect Bitcoin to enter accumulation phase.
Key support: $3950, $3900
Key resistance: $4000, $4150, $4300, $4450
In case of bull breakout, the target will be $4450.
In case of bearish breakout, stop loss will be $3900, and the target will be $3000.
Happy trading!
Looking at 4 hour chart, Bitcoin is almost at the end of the right shoulders.
Bitfinex will be having 7 hour long maintenance starting at 9am tomorrow, so I expect Bitcoin to enter accumulation phase.
Key support: $3950, $3900
Key resistance: $4000, $4150, $4300, $4450
In case of bull breakout, the target will be $4450.
In case of bearish breakout, stop loss will be $3900, and the target will be $3000.
Happy trading!
Note
Just when Bitfinex started maintenance, we see increase in selling volume. However, it seems like the price of Bitcoin is artificially contained within 3950-4000. Price will probably go back to $4000 just right before the maintenance or else people who shorted before the maintenance would gain some profit.
Note
Bull flag, and head and shoulders breakout are rejected for now. Whenever there is a head and shoulder pattern in Bitcoin, we will always get a rejection first. Let's see how Bitcoin deal with 3950 support. The trend will look bearish if it goes below 3900.
Note
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Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.