Hello traders,
Looking at the 4 hour chart for Bitcoin, we start to see large buying volume.
However, there are MANY resistances ahead of us, so here I will be starting to do few short-term tradings:
1) First resistance will be around $3600-$3700 area. We saw double bottom formation on Nov 25th, and Nov 27th, but it was rejected on December 6th, and confirmed as resistance on December 9th. Additionally, it overlaps with MA100, so I expect some selling pressure in the green zone.
2) Second resistance will be psychological $4000. We say Bitcoin was trying to go above this barrier Nov 29th and Dec 2nd, but it was rejected. I expect there will be confluent layer of resistance in that zone, and fail to go above that level still shows the sign of weakness. I will observe how the market will react when it reaches to $4000 and make decision onward.
Happy trading!
Looking at the 4 hour chart for Bitcoin, we start to see large buying volume.
However, there are MANY resistances ahead of us, so here I will be starting to do few short-term tradings:
1) First resistance will be around $3600-$3700 area. We saw double bottom formation on Nov 25th, and Nov 27th, but it was rejected on December 6th, and confirmed as resistance on December 9th. Additionally, it overlaps with MA100, so I expect some selling pressure in the green zone.
2) Second resistance will be psychological $4000. We say Bitcoin was trying to go above this barrier Nov 29th and Dec 2nd, but it was rejected. I expect there will be confluent layer of resistance in that zone, and fail to go above that level still shows the sign of weakness. I will observe how the market will react when it reaches to $4000 and make decision onward.
Happy trading!
Note
Potential inverse head and shoulders in play. I will short now (with tight stop limit) and looking to get back in around $3350 where MA200 is in 1 hour chart. 
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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.