Hi guys, here you can find a short term BTC/USD analysis on a 4h timeframe.
What I personally see now is an ascending triangle formation between a static resistance, which is 10'000 USD, and a dynamic support, which comes from the lower side of the upward channel I have drawn in black.
Now, I think that before testing again the upper side of this channel we have to face the major resistance at 10k USD, so I am definitely expecting a retest of this resistance with a short pullback on the support before breaking up this triangle. Other possibilities are as well a double retest of the 10k resistance before going up, or a sudden acceleration and breakout (personally I think the last one is highly improbable, or if it happens it has to be supported by high volume (dotted lines).
The ascending triangle formation is supported by the volume analysis as well. In fact, as you can see, the volume is decreasing while we are going to the apex of the triangle.
Just in the case this formation is confirmed, I see a temporary pullback on the 10k level after the breakout,before going up to 11'700 USD, which is another hard resistance (0.5 Fibonacci).
However, the first step to confirm this trend is breaking the previous high at 9500 USD, if we bounce back from this level, the formation could lose part of its potential.
What I personally see now is an ascending triangle formation between a static resistance, which is 10'000 USD, and a dynamic support, which comes from the lower side of the upward channel I have drawn in black.
Now, I think that before testing again the upper side of this channel we have to face the major resistance at 10k USD, so I am definitely expecting a retest of this resistance with a short pullback on the support before breaking up this triangle. Other possibilities are as well a double retest of the 10k resistance before going up, or a sudden acceleration and breakout (personally I think the last one is highly improbable, or if it happens it has to be supported by high volume (dotted lines).
The ascending triangle formation is supported by the volume analysis as well. In fact, as you can see, the volume is decreasing while we are going to the apex of the triangle.
Just in the case this formation is confirmed, I see a temporary pullback on the 10k level after the breakout,before going up to 11'700 USD, which is another hard resistance (0.5 Fibonacci).
However, the first step to confirm this trend is breaking the previous high at 9500 USD, if we bounce back from this level, the formation could lose part of its potential.