Hello fellas, let's make it a very quick and detail analysis about current bitcoin's condition which is crucial once again. This analysis will cover the bitcoin's potential movement for short term time frame. So, let's enjoy this technical analysis.
Looking at lower time frame which is the 4 hours chart, I see that currently the price is trending closer to the strong area of support which is the golden pocket zone. And this area however is becoming point of interest for most of the long position for bitcoin. This is because at the past performance, we see this area coincides with the previous unbroken support that always produced the huge wick to the downside (Although we saw a drop below it for about 1 day to form inverse head pattern). On the other hand, since the height on November 29th, 2019 , we can see that the price always formed a lower high which means a lot of pressure is coming from the bear.
So, the conclusion is that although the price trends just slightly above the strong support in short term, I don't think that there will be a huge rally in near future, simply because the lower high structure is still holding strong and the price must respect the resistance trend line as potential upper line that could be the candidate of triangle. I do believe, we will see a losing in volatility of bitcoin's movement at least in the next 1 or 2 days until the price can breaks the APEX of the triangle.
So, for now just enjoy your profit from shorting bitcoin!
Looking at lower time frame which is the 4 hours chart, I see that currently the price is trending closer to the strong area of support which is the golden pocket zone. And this area however is becoming point of interest for most of the long position for bitcoin. This is because at the past performance, we see this area coincides with the previous unbroken support that always produced the huge wick to the downside (Although we saw a drop below it for about 1 day to form inverse head pattern). On the other hand, since the height on November 29th, 2019 , we can see that the price always formed a lower high which means a lot of pressure is coming from the bear.
So, the conclusion is that although the price trends just slightly above the strong support in short term, I don't think that there will be a huge rally in near future, simply because the lower high structure is still holding strong and the price must respect the resistance trend line as potential upper line that could be the candidate of triangle. I do believe, we will see a losing in volatility of bitcoin's movement at least in the next 1 or 2 days until the price can breaks the APEX of the triangle.
So, for now just enjoy your profit from shorting bitcoin!
