Summary:
It would appear that in the short term Bitcoin is forming a bullish trend that should be a confirmed trade beginning at the range of 8850 if a four hour candle is formed above that level until it meets resistance at 9881. If Bitcoin fails to break out past 8850, it's possible that it could recover at the resistance line around 8400. If 8400 fails to hold than the next downside target would be in the range of 7670.
The chart:
I apologize in advance if the chart seems a little busy but we have a number of indicators pointing to the same price levels which makes for a very nice confirmation and I think it's important to show that.
At the moment 17:51 UTC, Bitcoin is trading at 8579. This puts Bitcoin just above the red dotted line on the chart which shows the low points for trading since 20 March. This is a significant resistance line from which Bitcoin has bounced in just the last couple of hours. The yellow dotted line just below the last candle is the short-term trend up line.
In a larger picture, Bitcoin is in the middle of the long-term triangle as bounded by the blue dotted lines. These are major support resistance for the price of Bitcoin. One of the confirmations that I have for the current price trading range is the last few pivot points which I've plotted out showing R1 (red) at the top which is the upper resistance it also intersects the upper line of the descending major price trend. The lower pivot line S1 (red) handily also intersects the lower major trendline of the triangle for Bitcoin's trading range.
We also have the light blue solid channel which shows the recent trading range of Bitcoin. As you can see Bitcoin is poised to break this channel's upper line, which would be a net positive for the short-term future. Should Bitcoin rise above the solid blue upper channel line and form a candle on the four hour chart somewhere in the neighborhood of 8850, then I would expect price to trade upward until the next Fibonacci pivot point at R1 (red) with the price of 9881. R1 will be a significant resistance point so if we were to make it that far, I would take profits there and expect a pullback into the range of the P pivot center line (Brown colored) on the chart. This level is also confirmed by the upper light blue line of the descending trend channel as a resistance/support line.
So in short, we have several confirmations for the upper and lower bounds as well as the outlined trade.
Please, Don't forget to Like Agree, Comment and Follow Me, It's additional encouragement for me to share my work.
All statements and expressions I offer are my opinions, and not meant as investment advice or solicitation. Information provided is not personal investment advice. Seek guidance from a professional investment advisor before trading or investing. Trading cryptocurrencies can be a potentially profitable opportunity for investors. You should carefully consider your investment objectives, level of experience, and risk appetite. Most importantly, do not invest money you cannot afford to lose. I am not a registered investment advisor.
Wishing you success,
Isaac
It would appear that in the short term Bitcoin is forming a bullish trend that should be a confirmed trade beginning at the range of 8850 if a four hour candle is formed above that level until it meets resistance at 9881. If Bitcoin fails to break out past 8850, it's possible that it could recover at the resistance line around 8400. If 8400 fails to hold than the next downside target would be in the range of 7670.
The chart:
I apologize in advance if the chart seems a little busy but we have a number of indicators pointing to the same price levels which makes for a very nice confirmation and I think it's important to show that.
At the moment 17:51 UTC, Bitcoin is trading at 8579. This puts Bitcoin just above the red dotted line on the chart which shows the low points for trading since 20 March. This is a significant resistance line from which Bitcoin has bounced in just the last couple of hours. The yellow dotted line just below the last candle is the short-term trend up line.
In a larger picture, Bitcoin is in the middle of the long-term triangle as bounded by the blue dotted lines. These are major support resistance for the price of Bitcoin. One of the confirmations that I have for the current price trading range is the last few pivot points which I've plotted out showing R1 (red) at the top which is the upper resistance it also intersects the upper line of the descending major price trend. The lower pivot line S1 (red) handily also intersects the lower major trendline of the triangle for Bitcoin's trading range.
We also have the light blue solid channel which shows the recent trading range of Bitcoin. As you can see Bitcoin is poised to break this channel's upper line, which would be a net positive for the short-term future. Should Bitcoin rise above the solid blue upper channel line and form a candle on the four hour chart somewhere in the neighborhood of 8850, then I would expect price to trade upward until the next Fibonacci pivot point at R1 (red) with the price of 9881. R1 will be a significant resistance point so if we were to make it that far, I would take profits there and expect a pullback into the range of the P pivot center line (Brown colored) on the chart. This level is also confirmed by the upper light blue line of the descending trend channel as a resistance/support line.
So in short, we have several confirmations for the upper and lower bounds as well as the outlined trade.
Please, Don't forget to Like Agree, Comment and Follow Me, It's additional encouragement for me to share my work.
All statements and expressions I offer are my opinions, and not meant as investment advice or solicitation. Information provided is not personal investment advice. Seek guidance from a professional investment advisor before trading or investing. Trading cryptocurrencies can be a potentially profitable opportunity for investors. You should carefully consider your investment objectives, level of experience, and risk appetite. Most importantly, do not invest money you cannot afford to lose. I am not a registered investment advisor.
Wishing you success,
Isaac
Declinazione di responsabilità
Le informazioni ed i contenuti pubblicati non costituiscono in alcun modo una sollecitazione ad investire o ad operare nei mercati finanziari. Non sono inoltre fornite o supportate da TradingView. Maggiori dettagli nelle Condizioni d'uso.
Declinazione di responsabilità
Le informazioni ed i contenuti pubblicati non costituiscono in alcun modo una sollecitazione ad investire o ad operare nei mercati finanziari. Non sono inoltre fornite o supportate da TradingView. Maggiori dettagli nelle Condizioni d'uso.