BITCOIN Short-Term Update - by DeFeye
Happy Thursday Traders, Investors & Gamblers
Today I want to look at the key levels above and below us that dictate where the Bitcoin price will go in the coming days/weeks.
On the daily chart we have to note the ascending channel and then zoom in on the current trend (white dotted line) where Bitcoin is trying to confirm another H/L above the previous range highs and neckline right around 22.600$. Here we can see that the line in the sand for a wick down is right above 22.000$ but we want to stay above the white dotted trendline and the key level of 22.600$ on a candle closing basis.
If BTC loses that trend the lkelyhood is that we re-test the bottom of the ascending channel right around 20.000$
The line in the sand to the downside for this range is appromimately 18.950$ on a candle closing basis (red horizontal line), and to the upside BTC must close above the resistance of the ascending channel which is perfectly in line with the horizontal resistance coming from the Spring bottom of the previous range right around 25.350$.
On the upside it is clear to see where the targets would be in thecase of a breakout, 1./ The previous range support right around 28.500$ and then 2./ the resistance of that range right around 31.800$.
A break above that range would indicate a trend reversal on larger TFs which I will cover in my next post on the weekly chart in the coming days. I will also cover my targets to the downside in case that Bitcoin would lose this range and slip further down.
Here below you can watch my video from june 15th where I predicted the current Bitcoin bottom 👇
I would like to add that this is only for educational purpose and in no way a guarantee that it will play out this way, nor is this or are any of my posts financial advise.
As always, A BIG THANK YOU for stopping by, I hope you liked my post! If you did, please take a second to drop a like or comment, every engagement puts a smile on my face, but also helps me to get my ideas out to many more of you guys!
Happy Trading ✌🧡📈
Today I want to look at the key levels above and below us that dictate where the Bitcoin price will go in the coming days/weeks.
On the daily chart we have to note the ascending channel and then zoom in on the current trend (white dotted line) where Bitcoin is trying to confirm another H/L above the previous range highs and neckline right around 22.600$. Here we can see that the line in the sand for a wick down is right above 22.000$ but we want to stay above the white dotted trendline and the key level of 22.600$ on a candle closing basis.
If BTC loses that trend the lkelyhood is that we re-test the bottom of the ascending channel right around 20.000$
The line in the sand to the downside for this range is appromimately 18.950$ on a candle closing basis (red horizontal line), and to the upside BTC must close above the resistance of the ascending channel which is perfectly in line with the horizontal resistance coming from the Spring bottom of the previous range right around 25.350$.
On the upside it is clear to see where the targets would be in thecase of a breakout, 1./ The previous range support right around 28.500$ and then 2./ the resistance of that range right around 31.800$.
A break above that range would indicate a trend reversal on larger TFs which I will cover in my next post on the weekly chart in the coming days. I will also cover my targets to the downside in case that Bitcoin would lose this range and slip further down.
Here below you can watch my video from june 15th where I predicted the current Bitcoin bottom 👇
I would like to add that this is only for educational purpose and in no way a guarantee that it will play out this way, nor is this or are any of my posts financial advise.
As always, A BIG THANK YOU for stopping by, I hope you liked my post! If you did, please take a second to drop a like or comment, every engagement puts a smile on my face, but also helps me to get my ideas out to many more of you guys!
Happy Trading ✌🧡📈
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