A Breakout soon
We can see higher lows and lower highs for Bitcoin as highlighted by the yellow circles, which indicates we're going to see a breakout soon.
We're being firmly trapped by the 4h 200ema, and also supported by the month long trend line. With volume clearly dropping off with Ethereum hogging the limelight, it is unlikely we will break this 200EMA with any conviction. This EMA will guide bitcoin down towards the trend line, eventually forcing a break downwards.
It looks as though we will break down with significant volume creating some liquidity and volume to potentially go back and retest former highs. Having said this, I would not be short for too long, as there is plenty of room and momentum to retest 4200+ and a break could take us to 5100.
Short entries - 3840-3880
Stop loss - 3930
Targets - 3650, 3550, 3450
RR - 3:1+
We're being firmly trapped by the 4h 200ema, and also supported by the month long trend line. With volume clearly dropping off with Ethereum hogging the limelight, it is unlikely we will break this 200EMA with any conviction. This EMA will guide bitcoin down towards the trend line, eventually forcing a break downwards.
It looks as though we will break down with significant volume creating some liquidity and volume to potentially go back and retest former highs. Having said this, I would not be short for too long, as there is plenty of room and momentum to retest 4200+ and a break could take us to 5100.
Short entries - 3840-3880
Stop loss - 3930
Targets - 3650, 3550, 3450
RR - 3:1+
Note
Well! I was right about the breakout, just the wrong way direction!Note
Trend line eventually broken and targets hit
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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.