BTC recently climbed back into our upwards channel on the 4h chart but still remains below the 200 EMA ($17,300). This is such an important level because it's acted as resistance since Dec 5th and is now coupled with horizontal resistance (red line) near the same level.
This is a big week with a lot of numbers from the government (CPI, FOMC, etc.) so expect a lot of volatility. If Bitcoin can break above the 200 EMA I can easily see us touching $17,640. If not, then my target is $16,700 (next major support). Since we broke out of the upwards channel yesterday, I don't see it as much of a support now. If we break $16,700 then $15,900 would be my next major resistance.
If you enjoyed my TA or had any questions about the indicators I use, please comment below or send me a PM :)
This is a big week with a lot of numbers from the government (CPI, FOMC, etc.) so expect a lot of volatility. If Bitcoin can break above the 200 EMA I can easily see us touching $17,640. If not, then my target is $16,700 (next major support). Since we broke out of the upwards channel yesterday, I don't see it as much of a support now. If we break $16,700 then $15,900 would be my next major resistance.
If you enjoyed my TA or had any questions about the indicators I use, please comment below or send me a PM :)
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🌎 Website - cryptoscripts.com
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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.
🤝 Let's Connect:
🌎 Website - cryptoscripts.com
🐦 Twitter - twitter.com/CryptoScriptsAI
📺 Youtube Indicator Tutorials - youtube.com/c/CryptoScripts
📱 Facebook - facebook.com/CryptoScripts
🌎 Website - cryptoscripts.com
🐦 Twitter - twitter.com/CryptoScriptsAI
📺 Youtube Indicator Tutorials - youtube.com/c/CryptoScripts
📱 Facebook - facebook.com/CryptoScripts
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.