Don't dare try to forecast Prices at future. Unless you are GOD.
#BTCUSDT #Binance #4HR #Tommy
- Here is BTC 4hr that showed a sharp V shaped bounce around 30K with that long candle tail at bottom and this tells us that the bulls rejected bears very hard thus pushing the price up.
- The new low at 30K is where the log-scaled trendline passes. Reason why we need to watch both the linear and log chart.
- For now, the most significant resistance is located at 41K~42K which I marked it with a red box. This resistance has numerous technical factors overlapping each other.
- Blue downward trendline, bottom of the purple parallel channel, 0.382 Fibonacci retracement level of the corrective wave, 1:1 extension level of the correction wave structure at top, and previous major consolidations are all passing this zone.
- Rather than entering short at this very area, taking action after confirming the breakout of this level sounds like a much safer trade. If BTC breaks this area above, I would be bullish for short-term.
- This breakout is also very meaningful because it means that BTC re-entered the purple parallel channel.
- Some of the short-term resistances to keep our eyes on are 44.5K~45.1K, 48.2K~49.2K, and 50.8K~51.8K.
- Here is BTC 4hr that showed a sharp V shaped bounce around 30K with that long candle tail at bottom and this tells us that the bulls rejected bears very hard thus pushing the price up.
- The new low at 30K is where the log-scaled trendline passes. Reason why we need to watch both the linear and log chart.
- For now, the most significant resistance is located at 41K~42K which I marked it with a red box. This resistance has numerous technical factors overlapping each other.
- Blue downward trendline, bottom of the purple parallel channel, 0.382 Fibonacci retracement level of the corrective wave, 1:1 extension level of the correction wave structure at top, and previous major consolidations are all passing this zone.
- Rather than entering short at this very area, taking action after confirming the breakout of this level sounds like a much safer trade. If BTC breaks this area above, I would be bullish for short-term.
- This breakout is also very meaningful because it means that BTC re-entered the purple parallel channel.
- Some of the short-term resistances to keep our eyes on are 44.5K~45.1K, 48.2K~49.2K, and 50.8K~51.8K.
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Youtube: bit.ly/Tommy_TV
Telegram: bit.ly/Tommy_Main
트레이딩 MBTI 테스트하기: tradingmbti.waveon.io/
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