Bitcoin (BTC) Decision Points! Where's it Going?

25 ก.ย. 2021

I currently have the 4hr Bitcoin chart up with major support and resistance lines, along with trend lines. I also overlaid it with my Trend Fusion indicator.

As you can see, the major trend line along with the resistance line intersect at $44,654 (circled in green). I believe this will be an important point for Bitcoin. We'll need to at least hold above its previous swing high at $45,443 if we want to have any chance of regaining that bullish momentum. If not, then we'll look to test our bearish scenario.

For the bearish scenario, we have major support at $42,213 (where I have the trend line support and major horizontal support). If we can't hold this level then we're going down to $41,067 and going to retest our swing low at $39,863. I HIGHLY believe if we can't hold that support level then we're going a lot lower and will have officially entered a bear trend.

If you have any questions on the trend lines/horizontal S/R lines I drew, or my indicators, please feel free to comment below or DM me :)