BitcoinShort
BTC/USDT Analysis - 4H Timeframe
BTC/USDT Analysis - 4H Timeframe
Author: Rhino aka Bear ( Crypto Rado )
Date: 10/22/2024
🔹 Overview:
Bitcoin has reached the anticipated upper trendline, facing rejection at $69,800. A double bearish divergence on the 4H timeframe signals that this impulsive move has likely peaked. The price briefly broke above the previous high but quickly dropped by $3,000, landing on the monthly pivot point and 0.236 Fibonacci retracement, leading to a small bounce.
🔹 Current Expectation:
I anticipate a retest of the $68,000–$68,500 zone before the downtrend continues toward $65,500–$65,000. This next key support area is reinforced by the 0.382 Fibonacci level, S1 pivot, and significant price action. The Simple Moving Average is also moving toward this zone, making it a confluence area of interest.
So far, the price has made an impulsive five-wave move downward, followed by a corrective ABC structure. Waves A and B appear complete, and we are likely in wave C, heading for the $68,000–$68,500 zone. If this zone fails, we may see a move towards $48,000, $44,000, or even $40,000. However, it's too early to confirm a full bearish reversal at this point.
🔹 Key Levels:🔹
🚨 Disclaimer:🚨
⚠️ This is not financial advice. Always do your own research and assess the risks before trading.⚠️
Author: Rhino aka Bear ( Crypto Rado )
Date: 10/22/2024
🔹 Overview:
Bitcoin has reached the anticipated upper trendline, facing rejection at $69,800. A double bearish divergence on the 4H timeframe signals that this impulsive move has likely peaked. The price briefly broke above the previous high but quickly dropped by $3,000, landing on the monthly pivot point and 0.236 Fibonacci retracement, leading to a small bounce.
🔹 Current Expectation:
I anticipate a retest of the $68,000–$68,500 zone before the downtrend continues toward $65,500–$65,000. This next key support area is reinforced by the 0.382 Fibonacci level, S1 pivot, and significant price action. The Simple Moving Average is also moving toward this zone, making it a confluence area of interest.
So far, the price has made an impulsive five-wave move downward, followed by a corrective ABC structure. Waves A and B appear complete, and we are likely in wave C, heading for the $68,000–$68,500 zone. If this zone fails, we may see a move towards $48,000, $44,000, or even $40,000. However, it's too early to confirm a full bearish reversal at this point.
🔹 Key Levels:🔹
- Resistance Zone: $68,000–$68,500
- TP 1: $65,500–$65,000
- TP 2: $62.9 - 61.3k
- Invalidation: 69.6k
- Next Potential Targets (Bearish): $48,000 / $44,000 / $40,000
🚨 Disclaimer:🚨
⚠️ This is not financial advice. Always do your own research and assess the risks before trading.⚠️
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