The Moment Of Truth For Bitcoin And Your Portfolio Value
This is it...
When looking at the 4 hour chart I can only see 1 thing and that's; the moment of truth.
Bitcoin will either resume it's downtrend or it will break out of this bearish trend channel to challenge the 12.5k resistance area.
As you can see btc formed a bearish head and shoulder pattern which has almost reached it target. If btc reaches that point it starts to become really critial because the target of that head and shoulders pattern is a major support level.
If bitcoin breaks below that major support level then i'll close almost all my long positions.
Obviously we wouldn't prefer that because it kills a lot of momentum regarding the whole crypto market so we would like to see 1 of these 2 options.
1. Bitcoin finds support on the red 100 ema line and starts to trade a little bit sideways before breaking out of the bearish black trend channel.
2. Bitcoin reaches the target of the head and shoulder pattern but finds great support and starts trading sideways before breaking out of that bearish black trend channel.
If we go below that purple support line the next support levels will be challenged next:
9000
8500
8000
6000
The more targets btc manages to reach the more bearish the outlook.
If you want to receive more ideas like these follow me and like my idea. If i get more than 10 likes i'll update this idea!.
Cheers
This is NOT advice. This is for information purposes only so trade on your own risk.
When looking at the 4 hour chart I can only see 1 thing and that's; the moment of truth.
Bitcoin will either resume it's downtrend or it will break out of this bearish trend channel to challenge the 12.5k resistance area.
As you can see btc formed a bearish head and shoulder pattern which has almost reached it target. If btc reaches that point it starts to become really critial because the target of that head and shoulders pattern is a major support level.
If bitcoin breaks below that major support level then i'll close almost all my long positions.
Obviously we wouldn't prefer that because it kills a lot of momentum regarding the whole crypto market so we would like to see 1 of these 2 options.
1. Bitcoin finds support on the red 100 ema line and starts to trade a little bit sideways before breaking out of the bearish black trend channel.
2. Bitcoin reaches the target of the head and shoulder pattern but finds great support and starts trading sideways before breaking out of that bearish black trend channel.
If we go below that purple support line the next support levels will be challenged next:
9000
8500
8000
6000
The more targets btc manages to reach the more bearish the outlook.
If you want to receive more ideas like these follow me and like my idea. If i get more than 10 likes i'll update this idea!.
Cheers
This is NOT advice. This is for information purposes only so trade on your own risk.
評論:
As you can see btc reached my head and shoulder target perfectly and is finding support on the purple trend line. I don't know for how long the purple trend line will provide support. If btc manages to stay above this trend line and starts to trade sideways the probability that btc will break the bearish trend will increase. If btc drops below the trend line the first level of support is 9000.
As you can see btc is heading towards the target i've set. This pullback was to be expected and i'm not worrying, yet.
I will start to worry when btc breaks the purple resistance area! I'll keep you guys updated.