Is The Fourth Time The Charm?
Hello everyone!
Today I will be doing a very detailed analysis so sit tight!
First of all, the battle between the bulls & the bears this month has been incredible to watch play out. This descending channel has been forming since April 6th with the first failed attempt to break the resistance level at $7,400 and bitcoin had a major dump of 13% brining bitcoin back to $6,400-$6,500 before finding support. Within only 48 hours the bulls had a huge rally bringing bitcoin back up 13% before the second failure trying to break this resistance at the top of the descending channel and bitcoin found support again at $6,800(.618 fib levels). Which brings us to what happened tonight and it just confirmed my descending channel even more by failing a THIRD time trying to break this resistance at these ranges($7,200,$7,300). As you can see by the three red arrows I have pointing down at each failed attempt to break these resistance levels can you notice that each attempt was a lower lower? This whole month bitcoin has basically been trying to break over $7,400 resistance but has failed three times in a row and now I am looking for bitcoin to find support again around $6,800(.618 fib levels) before attempting for a fourth time to break this resistance but if it fails…bitcoin will surely head back down into the abyss!
My positions(bullish and bearish):
- I am in a short looking for a target of $6,800 but if bitcoin can’t hold support there then I will hold my short until $6,500-$6,600(waiting to see if bitcoin goes into the abyss again)
- I am patiently waiting for a long opportunity since bitcoin has been in this descending channel for about a month now I have mostly been shorting but I could take small scalps if I wanted to but I prefer bigger swings.
- This might be the most important thing that I can say about this technical analysis is that if bitcoin breaks this descending channel with a lot of volume and blows through the resistance levels($7,400-$7,500) WE WILL BE GOING TO THE MOON!!!
Thank you for reading! I am a very opened minded trader I like hearing other people’s ideas so if you have any please drop them in the comments!
If you enjoyed the more detailed technical analysis please like & leave a comment!
Today I will be doing a very detailed analysis so sit tight!
First of all, the battle between the bulls & the bears this month has been incredible to watch play out. This descending channel has been forming since April 6th with the first failed attempt to break the resistance level at $7,400 and bitcoin had a major dump of 13% brining bitcoin back to $6,400-$6,500 before finding support. Within only 48 hours the bulls had a huge rally bringing bitcoin back up 13% before the second failure trying to break this resistance at the top of the descending channel and bitcoin found support again at $6,800(.618 fib levels). Which brings us to what happened tonight and it just confirmed my descending channel even more by failing a THIRD time trying to break this resistance at these ranges($7,200,$7,300). As you can see by the three red arrows I have pointing down at each failed attempt to break these resistance levels can you notice that each attempt was a lower lower? This whole month bitcoin has basically been trying to break over $7,400 resistance but has failed three times in a row and now I am looking for bitcoin to find support again around $6,800(.618 fib levels) before attempting for a fourth time to break this resistance but if it fails…bitcoin will surely head back down into the abyss!
My positions(bullish and bearish):
- I am in a short looking for a target of $6,800 but if bitcoin can’t hold support there then I will hold my short until $6,500-$6,600(waiting to see if bitcoin goes into the abyss again)
- I am patiently waiting for a long opportunity since bitcoin has been in this descending channel for about a month now I have mostly been shorting but I could take small scalps if I wanted to but I prefer bigger swings.
- This might be the most important thing that I can say about this technical analysis is that if bitcoin breaks this descending channel with a lot of volume and blows through the resistance levels($7,400-$7,500) WE WILL BE GOING TO THE MOON!!!
Thank you for reading! I am a very opened minded trader I like hearing other people’s ideas so if you have any please drop them in the comments!
If you enjoyed the more detailed technical analysis please like & leave a comment!
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