Goodmorning Folks,
Unfortunately Bitcoin has a high probability of losing some gains in the coming hours/days. I hope I am wrong..
What we see at the 4 hour chart of BTC/USDT is that Bitcoin has rejected resistance 4 times now in the last day or so.. That is not good..
The last 2 candles forming are high wave candles with small bodies that implies indecision in the markets.. We lost direction about which way to go.
The positive side here is that we have made a Golden Cross in the moving averages.. A golden cross is a cross in moving averages whereby the shorter moving average crosses above the long term moving average.
In the chart is it 50 day MA crossing the 200 day MA.
I expect price to fall back to the 1st support area.. To make at least a higher low preceding the earlier decline in price and then to rally back up again and try to fight resistance again.
Other possible scenario is that we fall back to the 2nd support line to retest the earlier decline of 26th of July (4 hour chart).
For now it can go either way but my feeling says when combining the technicals with the candlesticks it will fall back in price and will retest support areas to gain momentum back and retest the resistance.
SO fasten your seatbelts.
Unfortunately Bitcoin has a high probability of losing some gains in the coming hours/days. I hope I am wrong..
What we see at the 4 hour chart of BTC/USDT is that Bitcoin has rejected resistance 4 times now in the last day or so.. That is not good..
The last 2 candles forming are high wave candles with small bodies that implies indecision in the markets.. We lost direction about which way to go.
The positive side here is that we have made a Golden Cross in the moving averages.. A golden cross is a cross in moving averages whereby the shorter moving average crosses above the long term moving average.
In the chart is it 50 day MA crossing the 200 day MA.
I expect price to fall back to the 1st support area.. To make at least a higher low preceding the earlier decline in price and then to rally back up again and try to fight resistance again.
Other possible scenario is that we fall back to the 2nd support line to retest the earlier decline of 26th of July (4 hour chart).
For now it can go either way but my feeling says when combining the technicals with the candlesticks it will fall back in price and will retest support areas to gain momentum back and retest the resistance.
SO fasten your seatbelts.
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.
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.