BitcoinShort
BTC/USD: Technical Outlook, Edition #14 (06/06/21)
Bitcoin is coiling under considerable pressure with multiple ‘fakeouts’ (False Breakouts) above and below pennant support and resistance, sucking in liquidity to then later trap one-sided participants.
Twice now, as BTC/USD was gearing for a break to the upside, FUD (Fear, Uncertainty, and Doubt) has leaked. Timing is hardly a coincidence to a technical trader when the FUD cannon is loaded and fired around key price zones.
The BTC/USD H4 chart below illustrates how price action behaved and reversed right at the point of both upside breakout attempts.
Moving forward, Bulls need to hold the significant 0.5 Fibonacci retracement level located around USD 34K. A daily close below the 0.5 may see the price of Bitcoin fall further, down to local support at the USD 30K order block pictured below.
See you again for the next update.
- q
Twice now, as BTC/USD was gearing for a break to the upside, FUD (Fear, Uncertainty, and Doubt) has leaked. Timing is hardly a coincidence to a technical trader when the FUD cannon is loaded and fired around key price zones.
The BTC/USD H4 chart below illustrates how price action behaved and reversed right at the point of both upside breakout attempts.
Moving forward, Bulls need to hold the significant 0.5 Fibonacci retracement level located around USD 34K. A daily close below the 0.5 may see the price of Bitcoin fall further, down to local support at the USD 30K order block pictured below.
See you again for the next update.
- q
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Les informations et les publications ne sont pas destinées à être, et ne constituent pas, des conseils ou des recommandations en matière de finance, d'investissement, de trading ou d'autres types de conseils fournis ou approuvés par TradingView. Pour en savoir plus, consultez les Conditions d'utilisation.
Clause de non-responsabilité
Les informations et les publications ne sont pas destinées à être, et ne constituent pas, des conseils ou des recommandations en matière de finance, d'investissement, de trading ou d'autres types de conseils fournis ou approuvés par TradingView. Pour en savoir plus, consultez les Conditions d'utilisation.