[Bitcoin] Will the Support Zone Rebound Happen? (9/5)
Hello, this is Chartist.
I will briefly analyze the Bitcoin chart.
I am considering the possibility of an "uptrend" and will present two reasons for this.
First, let's look at the 4-hour chart.
Last month, Bitcoin dropped to 49K and quickly rebounded.
After that, there was a price correction, but the yellow candle acted as an important support for another rise.
Notably, when Bitcoin dropped on the 4th of last month, it also received support in the same area.
In other words, the yellow supply zone remains a valid support area, and if this support level holds, a rebound is likely.
Next, let's examine the 15-minute chart.
Bitcoin is currently moving within a specific channel, with price formation occurring around the middle and upper parts of the channel.
There was a brief bearish candle that broke through the lower part of the channel.
However, if this pattern is a bear trap, there is a high possibility of a rebound to the middle or upper part of the channel.
A bear trap refers to a situation where the market seems to be falling but is actually setting up for a rise.
Therefore, maintaining the lower part of the channel is crucial, and if it fails, caution should be exercised for further downward movement.
< Summary >
- Reason for rebound 1 : Valid support in the yellow supply zone on the 4-hour chart.
- Reason for rebound 2 : Potential for a rebound within the channel on the 15-minute chart, considering a bear trap.
- Caution : If the lower part of the channel is not maintained, be cautious of further downward movement.
※ This is not a buy or sell recommendation.
※ It is a personal perspective and should be used for reference only.
※ All decisions and responsibilities are yours.
I will briefly analyze the Bitcoin chart.
I am considering the possibility of an "uptrend" and will present two reasons for this.
First, let's look at the 4-hour chart.
Last month, Bitcoin dropped to 49K and quickly rebounded.
After that, there was a price correction, but the yellow candle acted as an important support for another rise.
Notably, when Bitcoin dropped on the 4th of last month, it also received support in the same area.
In other words, the yellow supply zone remains a valid support area, and if this support level holds, a rebound is likely.
Next, let's examine the 15-minute chart.
Bitcoin is currently moving within a specific channel, with price formation occurring around the middle and upper parts of the channel.
There was a brief bearish candle that broke through the lower part of the channel.
However, if this pattern is a bear trap, there is a high possibility of a rebound to the middle or upper part of the channel.
A bear trap refers to a situation where the market seems to be falling but is actually setting up for a rise.
Therefore, maintaining the lower part of the channel is crucial, and if it fails, caution should be exercised for further downward movement.
< Summary >
- Reason for rebound 1 : Valid support in the yellow supply zone on the 4-hour chart.
- Reason for rebound 2 : Potential for a rebound within the channel on the 15-minute chart, considering a bear trap.
- Caution : If the lower part of the channel is not maintained, be cautious of further downward movement.
※ This is not a buy or sell recommendation.
※ It is a personal perspective and should be used for reference only.
※ All decisions and responsibilities are yours.
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