Bitcoin : How is it on the lower time frame?
Price of the bitcoin is now trending exactly at the blue region which I've anticipated as a potential strong area of support. But, based on my previous analysis, I clearly said that there is still a potential downside moves to test the .382 fibonacci level on higher degree which is the area around $9150 level.
But still there is always another deduction to argue every analysis. If I look at the lower time frame, which is the 4 hours time frame to measure the middle projection of potential moves, I find a white support trend line which had been trending since May 2020. Looking at this alignment between this support trend line and the blue region, I really think that the price will respects this region as a significant support too. Even I'm so bearish on mid term, I think that the price will has a slight bounce as the reaction of this support.
However, I'm still watching closely for this potential bounce play. There are 2 altcoins that I watch for now to open a potential long position is there is a bounce in bitcoin. But if we don't get any confirmation on this bounce, I'll still stick to my bearish set up plan which I've shared previously.
But still there is always another deduction to argue every analysis. If I look at the lower time frame, which is the 4 hours time frame to measure the middle projection of potential moves, I find a white support trend line which had been trending since May 2020. Looking at this alignment between this support trend line and the blue region, I really think that the price will respects this region as a significant support too. Even I'm so bearish on mid term, I think that the price will has a slight bounce as the reaction of this support.
However, I'm still watching closely for this potential bounce play. There are 2 altcoins that I watch for now to open a potential long position is there is a bounce in bitcoin. But if we don't get any confirmation on this bounce, I'll still stick to my bearish set up plan which I've shared previously.
