Mornings Are for Coffee & Contemplation -Bitcoin Analysis BTCUSD
Hello Crypto Friends! We've come a long way since January highs and looks like we're closing in on another critical pattern on the TA charts.
Let's see how Bitcoin is doing on the BTCUSD 4 hour charts.
If you look at our charts we see Bitcoin hasn't been able to find a solid support zone on our 1200, 200, or 50 moving averages. Price also broke down below our green trend line which was previously the only support zone holding up all the way back since October 2017. Bulls are hoping the levels between $6000-$6100 hold before we see BTC start heading into the $5000's.
What to Look For:
The two scenarios we're keeping an eye on coming up are as follows:
1. Bullish: Bitcoin price holds support at $6000-$6100 levels and breaks through our Red Down-Trend Resistance line and we begin another pattern.
2. Bearish: Bitcoin fails to hold support at $6000-$6100 levels and fails to break through the Red Down-Trend resistance line. The giant bearish Triangle pattern remains confirmed and we begin our ride into the $5000's. This seems to be the more probable scenario at the moment.
Please hit the Like Button and give us a follow.
We are currently long on BTCUSD.
Cheers!
Disclaimer: Our content is intended to be used and must be used for informational purposes only. We are not professionals. It is very important to do your own analysis before making any investment based on your own personal circumstances.
Let's see how Bitcoin is doing on the BTCUSD 4 hour charts.
If you look at our charts we see Bitcoin hasn't been able to find a solid support zone on our 1200, 200, or 50 moving averages. Price also broke down below our green trend line which was previously the only support zone holding up all the way back since October 2017. Bulls are hoping the levels between $6000-$6100 hold before we see BTC start heading into the $5000's.
What to Look For:
The two scenarios we're keeping an eye on coming up are as follows:
1. Bullish: Bitcoin price holds support at $6000-$6100 levels and breaks through our Red Down-Trend Resistance line and we begin another pattern.
2. Bearish: Bitcoin fails to hold support at $6000-$6100 levels and fails to break through the Red Down-Trend resistance line. The giant bearish Triangle pattern remains confirmed and we begin our ride into the $5000's. This seems to be the more probable scenario at the moment.
Please hit the Like Button and give us a follow.
We are currently long on BTCUSD.
Cheers!
Disclaimer: Our content is intended to be used and must be used for informational purposes only. We are not professionals. It is very important to do your own analysis before making any investment based on your own personal circumstances.