What's up traders, I hope you're all having a wonderful weekend.
Here we are analyzing BTC/USD on the 4H chart.
I posted a BTC/USD analysis lately, and it went perfectly to plan (See related ideas for details of this analysis). We are now seeing a new buy opportunity.
At current, price is trading at 6990 after retesting the recent Bitcoin major low at 6500 and since bouncing. It looks like we have a short term opportunity to buy if price breaks 7070. If price breaks this level, I am expecting a short term upside to at least 7440, before a retest will take place to the side-wards resistance, which will be tested as a new support before even more potential upside.
Price will now likely test the side-wards resistance and either break out, or come back into structure before finding the momentum to break the side-wards resistance line.
I will update this analysis when I receive above 40 likes.