BTCUSD Gets ready for a HUGE move...
Recently on the 4H, we have seen a significant rejection in a descending support level; 52.8K, 52.3K and 51.7K levels saw a denying in the BTC breakout. We could expect soon confirmation for the forming triangle pattern that relates to the 3 levels of the descending support level. Level A could act as a possible and very likely strong resistance along with the middle point for the weekly pivot. Level C could act as a possible playing zone in the short term in order to BTC to get more volume before the breakout. After passing through level B, level C along with the first support for the weekly pivot could act as a mayor support level for BTC before breaking down to the 50K psychological level, while catching with the second support for the pivot. We also have seen a recent declining volume for BTC, so we can watch out for any bullish or bearish candle volume and maybe use an Stoch or RSI in shorter time frames just to confirm an entry for a buy position. We are neutral to both moves but anyway things happen, BTC is very likely to suffer a major breakout that will lead it to the 52.5K levels and maybe 53K in the best of cases.
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.