Bitcoin Dump on the 4 Hour
Hello hello hello, yes I am only everyday and so far this is no change to my chart. Okay so on to pressing matters, Price has dumped below the uptrend seller limit I had set and there is a potential chance that it will make it's way to the next supply zone. However, I find that to be highly unlikely due to price not having touched the lowest trend line in ages. Being that the trend line was in charge of the initial buyer flow before it had initially taken off to the new highest high point, it will be a challenge for sellers to break past such a solid line because there are players out there ready to stop the flow. HOWEVER, the dump is particularly strong and on the 1 hour time frame, sellers had broken through the previous floor with no retaliation from the buyers side. There is something I will like to mention, there is a small seller candle with a short wick on the upwards section at Feb. 17, 2022 19:00 which confirms buyer presence and price seems to have slowed down right underneath the current trend line which shows there is a potential chance for things to slow down and consolidate. I would not trade at this point due to how volatile bitcoin is now but I would like to say that on the RSI section of things, price had hit a floor there that has shown good bounce backs. There was one event where price had oversold on January 21st and the 22nd for a few hours but had shot back out after trying to find itself. I do feel as if this is the limit for the dump but if not, there is a possibility that the next level will be the previous supply zone which is set around $39,000. I would suggest waiting this storm out and seeking a buyer candle confirmation and a small retest of the zone to see if it is actually as consistent as I make it out to be. Happy trading and once again I did not proof read this. If you found clarity using my ideas then enjoy and I wish you the best. Please do not over trade due to stress and economic disparity because you will be in a worse position if you trade now and screw yourself. What's 3 hours or so to you? Take a nap and your cash will still be there or don't and lose the cash and your despair will be worse. Pick and choose. The masters can trade on the shorter time frames and utilize the harmonics indicator and Bollinger bands + RSI to get a perfect entry but please don't do that now because anything can happen. A perfect setup could appear but bitcoin could do the exact opposite and just nuke itself the other way and take all of your cash. Anyways, no more parenting for me haha. Patience and wait for retests always. Price always repeats itself, just like war and games. It's all the same.
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