For a prolonged period, Bitcoin has been accumulating in this area. We can see attempts to break resistance and support; the price is moving up and down. The question of who will prevail, the buyer or the seller, hinges on cumulative delta and time.
There's a high degree of uncertainty in the movement on the larger timeframe. Therefore, I'm currently analyzing Bitcoin exclusively on shorter timeframes. Forecasting the eventual price direction is almost impossible.
The right approach here is to trade from the resistance/support zone.
For the next local long position, I will consider it upon the breach of 26,350 with confirmations and impulsive movement. Similar to the previous attempt on August 23rd, a successful long and subsequent short resulted from impulsive movement. Aside from that, 26,300 continues to act as the same resistance level. This is the point from which it's best to attempt a short if there's no impulsive follow-through.
There's a high degree of uncertainty in the movement on the larger timeframe. Therefore, I'm currently analyzing Bitcoin exclusively on shorter timeframes. Forecasting the eventual price direction is almost impossible.
The right approach here is to trade from the resistance/support zone.
For the next local long position, I will consider it upon the breach of 26,350 with confirmations and impulsive movement. Similar to the previous attempt on August 23rd, a successful long and subsequent short resulted from impulsive movement. Aside from that, 26,300 continues to act as the same resistance level. This is the point from which it's best to attempt a short if there's no impulsive follow-through.
Note
Overall, I don't like the 4-hour timeframe. It's highly likely that there will be a retest of the 26,200 - 25,800 zone to assess the limits of buyers. Additionally, the altcoin market appears to be stagnant, with many new highs remaining unachieved.Trade active
26 350 I AM IN!
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Related publications
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.