Here we have BTC/USD on the 4H chart.
BTC/USD has completed a correction move recently, and has since began rallied to the upside, breaking our previous side-wards resistance at 14780 and giving us a nice profit (See related ideas to see previous analysis.). Price has now found a secondary secondary resistance channel, and I am expecting a new pop to the upside.
Since price broke to the upside, it has once again retested the horizontal . Price has now formed a on the 4H chart.
I believe price could have a here, and a break of the newly found side-wards resistance, would also simultaneously break the doublt bottom neckline. This could be a good launch pad for further upside.
There is 2 ways this trade will play out, I have outlined these below:
-Price retests the horizontal support, rallies and breaks the new side-wards resistance at 14500. Price breaks the resistance and retests resistance as support before the new up move.
-Price stalls at the side-wards and retests the horizontal , before an up move later.
In my related ideas, I have posted my other recent Cryptocurrency ideas. I recommend taking a look so you can fully understand how I came to my new Cryptocurrency analysis.
I will be updating this analysis if it exceeds 40 likes.
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Rejected and downwards. But I’m seeing higher lows in general.