Bitcoin 8.3K retest!
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Hello traders,
If you remember from my previous analysis, I mentioned that Bitcoin was running out of momentum, and 8K retest was necessary (which did happen).
Looking at the 4 hour chart, Bitcoin is currently hovering around 8.5K. Dynamic volume profile indicates that 8.35K retest is necessary for next move. Ideally Bulls needs to break 8.5K and retest 9K again and observe next move. However, I am not sure if bears will even allow this retest. If bulls fail to defend 8.35K, we will see increase in bearish pressure. I will not surprised that Bitcoin will retest 6K in near future.
Happy trading!
If you remember from my previous analysis, I mentioned that Bitcoin was running out of momentum, and 8K retest was necessary (which did happen).
Looking at the 4 hour chart, Bitcoin is currently hovering around 8.5K. Dynamic volume profile indicates that 8.35K retest is necessary for next move. Ideally Bulls needs to break 8.5K and retest 9K again and observe next move. However, I am not sure if bears will even allow this retest. If bulls fail to defend 8.35K, we will see increase in bearish pressure. I will not surprised that Bitcoin will retest 6K in near future.
Happy trading!
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