Hello traders,
If you recall from my last analysis, I mentioned the possibility of trend reversal, and we had a good bull run for a week :)
Looking at 4 hour chart, there are several signs of weakness:
1) Bitcoin bounced at 38.2% fibonacci level, and currently is challenging 23.6% level. If Bitcoin finds resistance at 23.6%, it needs to test 38.2% again.
2) Potential bear flag, along with potential MA20 and MA 200 rejection.
In case of bear flag breakout, Bitcoin should find support around $3650 where 50% fibonacci level is. My bearish view will be invalidated if Bitcoin go above $3900. (briefly happened just moment ago, but it may be false breakout)
If you recall from my last analysis, I mentioned the possibility of trend reversal, and we had a good bull run for a week :)
Looking at 4 hour chart, there are several signs of weakness:
1) Bitcoin bounced at 38.2% fibonacci level, and currently is challenging 23.6% level. If Bitcoin finds resistance at 23.6%, it needs to test 38.2% again.
2) Potential bear flag, along with potential MA20 and MA 200 rejection.
In case of bear flag breakout, Bitcoin should find support around $3650 where 50% fibonacci level is. My bearish view will be invalidated if Bitcoin go above $3900. (briefly happened just moment ago, but it may be false breakout)
Note
Unfortunately I was travelling yesterday, so I could not update. Bitcoin tried to go above $4000 again yesterday, but it seems like it just became resistance. There is also a head and shoulder pattern, so expect some bear trend in next few days.
Note
Note
Bitcoin pushed to $4100 once again, but Bitcoin is definitely losing the momentum. There is bearish divergence in the chart and double top formation
Bitcoin is currently holding at MA50 and MA200 support, and if it goes below this support, next support zone is $3750.
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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.