BITCOIN Critical test on the resistance.
BTCUSD is trading inside a Channel Up since December 18 2019 (monthly low) on the 4H chart.
Levels to watch:
- The Resistance levels are 9600 and 10370 while the Support levels are 6850 and 6430.
- The Channel Up is making the first important test of this uptrend on the 9600 Resistance 1 level.
- The Channel up is following a very clear Higher Low pattern. Each Low finds support on a previous High and rebounds.
- The 4H MA200 has been supporting and hasn't been touched since January 03.
- The RSI is on a 20 day support level.
Projection:
- Everything depends on the 8800 level. This is the symmetrical support inside the Channel Up. If it holds then the pattern may continue upwards to test the 10370 Resistance (2). If 8800 breaks then the Channel Up is void and the price may test the 0.5 Fibonacci level. Chances are very even: shorter term momentum favors the bullish extension due to the pattern and the RSI being on a support but longer term bias give strength to the 9600 Resistance as a level where traders who bought the December bottom may start taking profits.
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Levels to watch:
- The Resistance levels are 9600 and 10370 while the Support levels are 6850 and 6430.
- The Channel Up is making the first important test of this uptrend on the 9600 Resistance 1 level.
- The Channel up is following a very clear Higher Low pattern. Each Low finds support on a previous High and rebounds.
- The 4H MA200 has been supporting and hasn't been touched since January 03.
- The RSI is on a 20 day support level.
Projection:
- Everything depends on the 8800 level. This is the symmetrical support inside the Channel Up. If it holds then the pattern may continue upwards to test the 10370 Resistance (2). If 8800 breaks then the Channel Up is void and the price may test the 0.5 Fibonacci level. Chances are very even: shorter term momentum favors the bullish extension due to the pattern and the RSI being on a support but longer term bias give strength to the 9600 Resistance as a level where traders who bought the December bottom may start taking profits.
If you like this idea give us a like, follow and share your thoughts in the comments section below. Remember to stay tuned for future technical analysis , news, updates, and more from PrimeXBT!
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