BITCOIN Where's the Bounce!?
Happy Saturday Everyone! 😃
hoe you are all doing well!
Here's a quick Bitcoin update on what we can expect in the coming days!
41.6k-41.1k Support Area:
In the featured 4h BTCUSDT chart I pointed out the next major bounce area, here we get good volume support and it's also in line with the Fibonacci 61.8-65 golden ration.
Reistance:
Above I pointed out all of the major resistance until the current 48k trend top
Confirmation:
The red box at the top (48.175 - 47.975) is giving us the area in which we got rejected so far, a 4h candle close in or above that box would give us confirmation for a continuation to the upside.
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1D Chart:
50, 100, 200 Day SMA:
- Support:
On the 4h chart we could see our green support box at 41.600 - 41.100.
Here on the daily BTCUDT chart we can find confirmation for that support in form of the 50 Day SMA (white moving average) and the 100 day SMA (orange moving average) which currently lay between 41.600 -4 1.800 and are marked by the lower green circle.
The other major support level is the bottom of the ascending channel that we are in since January. The suport there is around the 40-39k region. A daily close below could be a major bearish idicator.
- Resistance:
On the 4h chart we could see the top resistance box at 48.175 - 47.975.
Here On the daily chart we can see the upper green circle marking that the resistance was coming from the 200 Day SMA and the top of the ascending channel that we are in which is currently at about 48.200
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Conclusion:
I'm expecting some more pullback to the 41.600 - 41.100 region, before we see a bounce and a test of the above mentioned resistance levels.
The mentioned area gives us major support on multiple TFs and indicators.
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I would like to add that this post is meant exclusively for educational purpose and that non of my posts are financial advise.
As always, A BIG THANK YOU for stopping by, I hope you liked my post! If you did, please take a second to drop a like or comment, every engagement puts a smile on my face, but also helps me to get my ideas out to many more of you guys! 😃🙏
Happy Trading ✌♥📈
hoe you are all doing well!
Here's a quick Bitcoin update on what we can expect in the coming days!
41.6k-41.1k Support Area:
In the featured 4h BTCUSDT chart I pointed out the next major bounce area, here we get good volume support and it's also in line with the Fibonacci 61.8-65 golden ration.
Reistance:
Above I pointed out all of the major resistance until the current 48k trend top
Confirmation:
The red box at the top (48.175 - 47.975) is giving us the area in which we got rejected so far, a 4h candle close in or above that box would give us confirmation for a continuation to the upside.
---------------------------------------------------------------
1D Chart:
50, 100, 200 Day SMA:
- Support:
On the 4h chart we could see our green support box at 41.600 - 41.100.
Here on the daily BTCUDT chart we can find confirmation for that support in form of the 50 Day SMA (white moving average) and the 100 day SMA (orange moving average) which currently lay between 41.600 -4 1.800 and are marked by the lower green circle.
The other major support level is the bottom of the ascending channel that we are in since January. The suport there is around the 40-39k region. A daily close below could be a major bearish idicator.
- Resistance:
On the 4h chart we could see the top resistance box at 48.175 - 47.975.
Here On the daily chart we can see the upper green circle marking that the resistance was coming from the 200 Day SMA and the top of the ascending channel that we are in which is currently at about 48.200
---------------------------------------------------------------
Conclusion:
I'm expecting some more pullback to the 41.600 - 41.100 region, before we see a bounce and a test of the above mentioned resistance levels.
The mentioned area gives us major support on multiple TFs and indicators.
---------------------------------------------------------------
I would like to add that this post is meant exclusively for educational purpose and that non of my posts are financial advise.
As always, A BIG THANK YOU for stopping by, I hope you liked my post! If you did, please take a second to drop a like or comment, every engagement puts a smile on my face, but also helps me to get my ideas out to many more of you guys! 😃🙏
Happy Trading ✌♥📈
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