BTCUSDT - Possible short term (4H) scenarios
Updated
Previous analysis
Waiting to see daily close but so far good signs supporting a move higher:
Short term targets
4H channel is in a downtrend but the next leg should be pushing towards $50000 in the upper part of the channel which is also aligning with our previous 2 LHs from the 2nd and the 3rd of December. Those acted as a fall to the $46000 range and that line will be tested again,
which again does fit with the 4H channel. Entry at $46800 is still a good setup
On the other side, BTCUSDT could break this channel - or go lower - if the volume isn't supporting this push and we could go to $45000 or to the next support at $41000. In that scenario tight stop loss below the lower part of this channel should be set.
Waiting to see daily close but so far good signs supporting a move higher:
- Daily close at the 200 Daily MA
- 4H Doji candle indicating a short term reversal
- 4H channel in play with a bounce on the lower side
- Volume was average but couldn't break support
Short term targets
4H channel is in a downtrend but the next leg should be pushing towards $50000 in the upper part of the channel which is also aligning with our previous 2 LHs from the 2nd and the 3rd of December. Those acted as a fall to the $46000 range and that line will be tested again,
which again does fit with the 4H channel. Entry at $46800 is still a good setup
On the other side, BTCUSDT could break this channel - or go lower - if the volume isn't supporting this push and we could go to $45000 or to the next support at $41000. In that scenario tight stop loss below the lower part of this channel should be set.
Note
As you can see this idea has worked brilliantly. 50k is still the target to be reached but taking profits now or move the stop loss is a good idea.A clean break of 50k will push this move to
54K as the next resistance.Note
The previous downtrend retest was expected to fail - which is good - and we can see the price forming a local support around $47600 - $47800.This should ignite the final push to break through $50000 and get out of this 4H channel.
Entering now - if you haven't already - around $47800 is a good entry but putting a stop loss below this local support should be considered.
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