BTC 4-Hour Chart
For now, I think the price will continue in the big circle for the next 1-3 weeks. Why?
1) Parallelism
The upper yellow downtrend line and the white downtrend lines are parallel to each other. I think the price will reach the white downtrend area again. Reaching there again will take the price to around $52700.
2) Megaphone
When we look at the yellow lines, we can see that the price has been forming a megaphone structure that has been continuing downwards for about a few days. A price that wants to go below this megaphone structure again will see the $52700 area. This means the intersection with the contact of the white downtrend lines.
3) Horizontal Lock
The $59500-$60700 range is the most important resistance range for the price. A price that exceeds $60700 would gain a bullish appearance. Apart from this, a horizontal process that can continue between roughly
52K - 60K seems more likely for now.
1) Parallelism
The upper yellow downtrend line and the white downtrend lines are parallel to each other. I think the price will reach the white downtrend area again. Reaching there again will take the price to around $52700.
2) Megaphone
When we look at the yellow lines, we can see that the price has been forming a megaphone structure that has been continuing downwards for about a few days. A price that wants to go below this megaphone structure again will see the $52700 area. This means the intersection with the contact of the white downtrend lines.
3) Horizontal Lock
The $59500-$60700 range is the most important resistance range for the price. A price that exceeds $60700 would gain a bullish appearance. Apart from this, a horizontal process that can continue between roughly
52K - 60K seems more likely for now.
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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.
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.