If 46K fails supporting, expect some bears!

#BTCUSDT #Binance #4hr #Tommy
- Here is Bitcoin 4hr chart. A consolidation zone where price tends to move sideways, is currently being constructed in the range of 46K~51K. Here are some of major points to be updated.
- A strong bottom has been consolidated around 46K which could be speculated from the point that it made about 4 meaningful lows recently. This technical circumstance recommends taking trading actions after this bottom breaks below, rather than entering long here.
- More specifically, entering short once this bottom shows some signals of failure to support or entering long after confirming next support’s reinforcement.
- In a shorter term, green short-term downward trendline has been broken over and if BTC corrects and reaches the retest zone (46700~47400) before 5/17 08:00, entering long with a tight stoploss seems like a nice setup.
- Pay attention to the major downward parallel channels such as the green and orange ones. Observing the bottom of these channels and other technical factors, 43800~444000(valid until 5/21 1700), 41300~42200(Valid until 5/22 13:00), and 38400~39400 seems like some major supports.
- Resistances that could be considered are 51800~52300(Valid until 5/19 21:00), 53800~54400(valid until 5/21 21:00), 57400~58200(valid until 5/21 21:00), and 60400~61300(Valid until 5/22 21:00).
- RSI for 4hr shows that it is moving in a green downward trendline. Within that channel with a shorter term, a purple upward channel also exists, A decent resistance could be expected when RSI reaches the area where these tops overlap each other.

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