Can Bitcoin Break Back Above Resistance?
On the BTC 4h, we can see the Wave Fusion indicator called the short perfectly at 18k. Since then, Bitcoin has broken through three major support levels. Now it's currently at resistance of 16.8k trying to break back above. Let's look at a few things:
1. The 4h RSI was oversold yesterday (last time it was oversold was Nov 21st when we started the upwards channel)
2. The MACD is starting to curve back to the upside. It hasn't confirmed, but this is a good sign that sell pressure is relieving temporarily.
3. It's tested resistance a couple times in the past 24 hours and as we know, the more you test a level, the weaker is becomes
With all of this said, I'm expecting BTC to eventually break the 16.8k level, climb to 17k, then retest 16.8k where I'll be taking a long. But I'm WAITING for that confirmation first (it needs to convincingly close above the 16.8k level on the 4hr). If Bitcoin can't close above 16.8k, then I'm looking towards the 16.3k level to take my next long.
If you enjoyed my TA or had any questions about the indicators I use, please leave a comment or send me a PM :)
1. The 4h RSI was oversold yesterday (last time it was oversold was Nov 21st when we started the upwards channel)
2. The MACD is starting to curve back to the upside. It hasn't confirmed, but this is a good sign that sell pressure is relieving temporarily.
3. It's tested resistance a couple times in the past 24 hours and as we know, the more you test a level, the weaker is becomes
With all of this said, I'm expecting BTC to eventually break the 16.8k level, climb to 17k, then retest 16.8k where I'll be taking a long. But I'm WAITING for that confirmation first (it needs to convincingly close above the 16.8k level on the 4hr). If Bitcoin can't close above 16.8k, then I'm looking towards the 16.3k level to take my next long.
If you enjoyed my TA or had any questions about the indicators I use, please leave a comment or send me a PM :)
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