A CLEAR BEARISH MOVE - 4H BTC/USDT CHART
DESCRIPTION
Hello Everyone, I have been away for a long while. Its been 2 months now since I did my last Trade Analysis on the BTC/USDT
Trade pair. Well, a lot has happened on the market lately so lets DIG in and see what we can find.
Previously, the price broke out of the Bullish Trend Channel on the 11th June at the price level of $9,939.13. I still believe the price will jump back into the channel later in the future.
We have seen the prices fluctuates from ranges between 9280 & 8980 for the past week. We are experiencing some bearish price patterns on the market chart which I will explain here.
Presently, In this Analysis, a Descending Triangle pattern was used to show the bearish price moves on the 4-hour Price Chart. A Forecast pattern was also used to create the future price movements which we might expect in a week from now.
A week from now (in 7 days), we might expect a price reversal at the Green support level at $8,956.00. It may happen sooner maybe in 3 days but I'm locking it out on a 7 day period.
Also, using the 50 day Moving Average, the conditions were met with Source of price set to Close, Offset from chart set to 0 and the length set to 50 days, it was observed that the MA was seated above the 4H Candles chart which implies a bearish mode pattern. If the MA was below the 4H Candles Chart it will imply a Bullish Mode Pattern.
If U check out my previous ideas, u will see the migration of the Bullish Trend Channel.
Also, still kept my R1, R2, R3 levels which I have used in my previous related ideas to analysis this chart.
Resistance Line 1 (R1) - $8,167.22 (Represented by a Normal blue line) on my previous work will now act as a Support Line (S1)
Resistance Line 2 (R2) - $9,145.80 (Represented by a Dashed Blue Line), the prices still fluctuating around the zone of this Resistance Level.
Resistance Line 3 (R3) - $10,488.95 (Represented by a Normal Blue Line), on my previous work will still be maintained as the Resistance Line 3.
So as Holder & Trader, will wait for the reversal to hit or go below the Green Support Line at $8,956.00 before buying bitcoins (U get more bitcoins when you buy at lower prices) or go on a Short Trade Position with a 10x Leverage by setting your Target Profit Level at $8,956.00 to accumulate these profits in this Bearish Move.
Do follow me on my Telegram Channel @CryptoPrinceTrades & on Twitter Obiakor_Evans
Follow here for more great trend analysis.
Feel free to comment and share your thoughts.
Support my enthusiasm with Like.
Best Regards,
Evans
Hello Everyone, I have been away for a long while. Its been 2 months now since I did my last Trade Analysis on the BTC/USDT
Trade pair. Well, a lot has happened on the market lately so lets DIG in and see what we can find.
Previously, the price broke out of the Bullish Trend Channel on the 11th June at the price level of $9,939.13. I still believe the price will jump back into the channel later in the future.
We have seen the prices fluctuates from ranges between 9280 & 8980 for the past week. We are experiencing some bearish price patterns on the market chart which I will explain here.
Presently, In this Analysis, a Descending Triangle pattern was used to show the bearish price moves on the 4-hour Price Chart. A Forecast pattern was also used to create the future price movements which we might expect in a week from now.
A week from now (in 7 days), we might expect a price reversal at the Green support level at $8,956.00. It may happen sooner maybe in 3 days but I'm locking it out on a 7 day period.
Also, using the 50 day Moving Average, the conditions were met with Source of price set to Close, Offset from chart set to 0 and the length set to 50 days, it was observed that the MA was seated above the 4H Candles chart which implies a bearish mode pattern. If the MA was below the 4H Candles Chart it will imply a Bullish Mode Pattern.
If U check out my previous ideas, u will see the migration of the Bullish Trend Channel.
Also, still kept my R1, R2, R3 levels which I have used in my previous related ideas to analysis this chart.
Resistance Line 1 (R1) - $8,167.22 (Represented by a Normal blue line) on my previous work will now act as a Support Line (S1)
Resistance Line 2 (R2) - $9,145.80 (Represented by a Dashed Blue Line), the prices still fluctuating around the zone of this Resistance Level.
Resistance Line 3 (R3) - $10,488.95 (Represented by a Normal Blue Line), on my previous work will still be maintained as the Resistance Line 3.
So as Holder & Trader, will wait for the reversal to hit or go below the Green Support Line at $8,956.00 before buying bitcoins (U get more bitcoins when you buy at lower prices) or go on a Short Trade Position with a 10x Leverage by setting your Target Profit Level at $8,956.00 to accumulate these profits in this Bearish Move.
Do follow me on my Telegram Channel @CryptoPrinceTrades & on Twitter Obiakor_Evans
Follow here for more great trend analysis.
Feel free to comment and share your thoughts.
Support my enthusiasm with Like.
Best Regards,
Evans
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