BTCUSDT weekly, daily, 4 hour chart breakdown
I like to use the 3 charts side by side for reliable analysis for swing style trading. Weekly is far left, daily in the middle and 4 hour on the right side.
In my last idea I said I thought Bitcoin was bullish but it was getting overextended after the recent strong move and I thought a pullback was coming.
In the middle chart (daily) you can see the resistance around 46000 and can clearly see this was a support level before. Support becomes resistance, resistance becomes support.
Price will need to hold the recent support at 42000 and break back above 43000 resistance shown on the right chart (4 hour time frame)
I am still bullish on Bitcoin but these levels need to hold and the resistance will need to break for this to continue.
Of course if 42000 breaks than 41000 will be the next key level to hold.
On the far left chart (weekly) I point out the strong resistance at 52000 and that will need to break before I will have full confidence in a move back to new highs.
In my last idea I said I thought Bitcoin was bullish but it was getting overextended after the recent strong move and I thought a pullback was coming.
In the middle chart (daily) you can see the resistance around 46000 and can clearly see this was a support level before. Support becomes resistance, resistance becomes support.
Price will need to hold the recent support at 42000 and break back above 43000 resistance shown on the right chart (4 hour time frame)
I am still bullish on Bitcoin but these levels need to hold and the resistance will need to break for this to continue.
Of course if 42000 breaks than 41000 will be the next key level to hold.
On the far left chart (weekly) I point out the strong resistance at 52000 and that will need to break before I will have full confidence in a move back to new highs.
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