Hello traders,
Unfortunately, I am still in my vacation, so I will keep this short.
Looking at the 4 hour chart for bitcoin, there are 2 things happening
1) Potential tilted inverse head and shoulders pattern
2) symmetrical triangle
Unfortunaltely, Bitcoin is not giving us a clear signal at the moment, but I am 75% sure that we will have another bull run soon. You see, the goal for the current bear cycle is to establish higher low for trend reversal (hopefully $6100 is the new support). Additionally, I am hearing odd number of negative news in last couple days (SEC pauses BTC tracker, TA which suggests Bitoin going 5K). When there are many negative news like this, my tendency is to start accumulate Bitcoin. Remember, ALWAYS GO AGAINST THE TIDE!
In case of bull breakout, there are few key resistance level I will be looking, but the main resistances are 6600, as this level acted very heavy resistance in previous bear cycle.
In case of bear breakout, Bitcoin will probably test psychological 6K again.
Happy trading.
Unfortunately, I am still in my vacation, so I will keep this short.
Looking at the 4 hour chart for bitcoin, there are 2 things happening
1) Potential tilted inverse head and shoulders pattern
2) symmetrical triangle
Unfortunaltely, Bitcoin is not giving us a clear signal at the moment, but I am 75% sure that we will have another bull run soon. You see, the goal for the current bear cycle is to establish higher low for trend reversal (hopefully $6100 is the new support). Additionally, I am hearing odd number of negative news in last couple days (SEC pauses BTC tracker, TA which suggests Bitoin going 5K). When there are many negative news like this, my tendency is to start accumulate Bitcoin. Remember, ALWAYS GO AGAINST THE TIDE!
In case of bull breakout, there are few key resistance level I will be looking, but the main resistances are 6600, as this level acted very heavy resistance in previous bear cycle.
In case of bear breakout, Bitcoin will probably test psychological 6K again.
Happy trading.
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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.