BTCUSD - DECIDING MOMENTUM H4 chart
!!! NOT A FINANCIAL ADVICE !!!
!!! ONLY A TECHNICAL ANALYSIS FROM MY POINT OF VIEW!!!
Violet = Daily and Weekly Resistance/Support and Trend
Blue = Hourly Resistance/Support and Trend
* As we can see BTC is bouncing up and down in this channel since early January 2021
* BTC is right now on 2 support, the Weekly/Daily lower canal trendline, and the fib 0.618 which serves as a hourly support
* We can see BTC has formed a M pattern in the past days, which is a bearish signal
I'm still bullish in the short term and believe BTC will bounce on those supports and stay in the upward canal, in this case we can expect to retest the 58-60k resistance.
Otherwise, if we break down, BTC will retest the 48-50k support which is fib 0.5 and 0.382 and maybe further down to 46k and 43k as suggested by the M pattern.
I hope you enjoy reading my analysis.
Happy trading guys
!!! ONLY A TECHNICAL ANALYSIS FROM MY POINT OF VIEW!!!
Violet = Daily and Weekly Resistance/Support and Trend
Blue = Hourly Resistance/Support and Trend
* As we can see BTC is bouncing up and down in this channel since early January 2021
* BTC is right now on 2 support, the Weekly/Daily lower canal trendline, and the fib 0.618 which serves as a hourly support
* We can see BTC has formed a M pattern in the past days, which is a bearish signal
I'm still bullish in the short term and believe BTC will bounce on those supports and stay in the upward canal, in this case we can expect to retest the 58-60k resistance.
Otherwise, if we break down, BTC will retest the 48-50k support which is fib 0.5 and 0.382 and maybe further down to 46k and 43k as suggested by the M pattern.
I hope you enjoy reading my analysis.
Happy trading guys
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