#1 Crypto H4 BTC/USD Breaking Lower/New Levels Feb 2 2018
Yesterday price fell through the important confluence support level
on daily timeframe around 9000. Currently it is probing lower after
the critical trendline break. I have unearthed a smaller channel on the
4 hr chart were price is sitting at the bottom right now. Chances are
we will see bearish continuation, wether sharp or slow, and the first
target is the 7600 level which is also the Weekly S4. And if we reach
that level, the Monthly S1 is within reach at 7175. I think thats the
critical level of support, if we look at it from a Monthly perspective,
that is a bit longer perspective. A break of the Monthly S1 would have
bearish consequences for several months ahead. If it holds support on
the other hand, it could mark the bottom medium term and price could
drift higher towards the yet untraded Monthly pivot point. If the
7600-7200 level fails to support, the ultimate level should come in
around the base of the large descending channel, and the we are looking
at 4000-5000 level. If price bounce from this smaller channel floor, I have
pointed out the resistances with red arrows. If price breaks above this smaller
channel, we could see a relief rally towards the Monthly pivot point, but
of course, that is a more unlikely scenario at this point.
on daily timeframe around 9000. Currently it is probing lower after
the critical trendline break. I have unearthed a smaller channel on the
4 hr chart were price is sitting at the bottom right now. Chances are
we will see bearish continuation, wether sharp or slow, and the first
target is the 7600 level which is also the Weekly S4. And if we reach
that level, the Monthly S1 is within reach at 7175. I think thats the
critical level of support, if we look at it from a Monthly perspective,
that is a bit longer perspective. A break of the Monthly S1 would have
bearish consequences for several months ahead. If it holds support on
the other hand, it could mark the bottom medium term and price could
drift higher towards the yet untraded Monthly pivot point. If the
7600-7200 level fails to support, the ultimate level should come in
around the base of the large descending channel, and the we are looking
at 4000-5000 level. If price bounce from this smaller channel floor, I have
pointed out the resistances with red arrows. If price breaks above this smaller
channel, we could see a relief rally towards the Monthly pivot point, but
of course, that is a more unlikely scenario at this point.
Kommentar:
Price tested the marked support by 7600 almost pip to pip and has since bounced sharply. Price is now back in the smaller descending channel and resistance is the 9230 level, which is marked on the chart. Support is the 8330 level.
