Long

BTC 4HR_analysis

Updated

In my opinion, buying long BTC would be a good choice.

(1) We can see there is a W(Double Bottoms). Moreover, BTC has successfully stepped back on the neckline (48056.24) and tried to go up.
(2) The position of the neckline happens to be 0.618 position of Fibonacci retracement.

If the 1st argument is true, BTC may rise to the target price of the double bottom pattern (approximately 50550~50650). (like the purple path)
If the 2nd argument is true, BTC may rise to approximately 52000 (the 1.618 position of the Fibonacci retracement). (like the blue path)
It may even break through the red pressure zone and rise to 56000 in a long time period.

However, we still have to watch out for the possibility of price dropping.
The 0.5(47583) & 0.382(47111) position of the Fibonacci retracement are potential positions to buy long BTC.
As long as BTC doesn't fall below 45580, I will continue to be optimistic about BTC.

Trade closed: target reached

BTC has successfully risen to $51,500 just like my analysis!

jjjjchen

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