🔥 Bitcoin's Moment Of Truth: Short-Term Analysis
Updated
Bitcoin is approaching a trend-determining area currently, namely the 40k resistance.
This resistance area is of great importance for the near term trend direction of BTC and therefore the crypto market as a whole. The reason why this resistance area is so important is because BTC is currently on its way to form a Head & Shoulders pattern, a classical bearish reversal pattern. In case the price fails to breach through 40k today, I'm afraid we might fall back towards the bottom support line of the channel and potentially even lower.
A bullish scenario would be for Bitcoin to pierce through the resistance and make a new local high, higher than the current "Head" area. Ideally we would continue the bullish trend past 42k, but that's uncertain.
42k is the current main target to beat for BTC. It's the January high which we need to beat in order to resume the bull-market in the short term.
Happy trading!
This resistance area is of great importance for the near term trend direction of BTC and therefore the crypto market as a whole. The reason why this resistance area is so important is because BTC is currently on its way to form a Head & Shoulders pattern, a classical bearish reversal pattern. In case the price fails to breach through 40k today, I'm afraid we might fall back towards the bottom support line of the channel and potentially even lower.
A bullish scenario would be for Bitcoin to pierce through the resistance and make a new local high, higher than the current "Head" area. Ideally we would continue the bullish trend past 42k, but that's uncertain.
42k is the current main target to beat for BTC. It's the January high which we need to beat in order to resume the bull-market in the short term.
Happy trading!
Note
Strong 15m candle break out through 40k resistance. Next stop 42k.Note
Seems that we're facing a fake-out. If we go below 38.5k we're going back to 37.5kNote
Updated this analysis in a new post, check it out:
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