Hi friends, hope you are well and welcome to the new update on Bitcoin ( BTC ).
Broke out a wedge:
On a 4-hr time frame, Bitcoin has broken out a falling wedge, and the target for this wedge can be $44K.
Tested the channel after breakout:
On a daily time frame, Bitcoin broke out a long down channel, and tested the previous resistance as support well. Now BTC needs to breakout $40K for any big move, because, here we also have EMA 21 daily resistance as well. This $40K level has been working as support and resistance in the previous history very well.
Strong support zone:
On weekly time frame a very strong supprot zone can be seen, that is from $35K to $28.6K. Whenever priceline is entering here it is starting big bullish reversal moves. There is also 100 weekly simple moving average support.
Big bullish Cypher pattern:
On a same weekly time frame, Bitcoin has also formed a big bullish reversal harmonic Cypher pattern.
Conclusion:
$35K to $28.6K is a big long-term support zone, therefore, a big reversal move is expected to start from this support area. Huge buying has already been witnessed several times in this zone.
Note: Above idea is for educational purpose only. It is advised to diversify and strictly follow the stop loss, and don't get stuck with trade
Broke out a wedge:
On a 4-hr time frame, Bitcoin has broken out a falling wedge, and the target for this wedge can be $44K.
Tested the channel after breakout:
On a daily time frame, Bitcoin broke out a long down channel, and tested the previous resistance as support well. Now BTC needs to breakout $40K for any big move, because, here we also have EMA 21 daily resistance as well. This $40K level has been working as support and resistance in the previous history very well.
Strong support zone:
On weekly time frame a very strong supprot zone can be seen, that is from $35K to $28.6K. Whenever priceline is entering here it is starting big bullish reversal moves. There is also 100 weekly simple moving average support.
Big bullish Cypher pattern:
On a same weekly time frame, Bitcoin has also formed a big bullish reversal harmonic Cypher pattern.
Conclusion:
$35K to $28.6K is a big long-term support zone, therefore, a big reversal move is expected to start from this support area. Huge buying has already been witnessed several times in this zone.
Note: Above idea is for educational purpose only. It is advised to diversify and strictly follow the stop loss, and don't get stuck with trade
Atif Akbar
Haftungsausschluss
Die Informationen und Veröffentlichungen sind nicht als Finanz-, Anlage-, Handels- oder andere Arten von Ratschlägen oder Empfehlungen gedacht, die von TradingView bereitgestellt oder gebilligt werden, und stellen diese nicht dar. Lesen Sie mehr in den Nutzungsbedingungen.
Atif Akbar
Haftungsausschluss
Die Informationen und Veröffentlichungen sind nicht als Finanz-, Anlage-, Handels- oder andere Arten von Ratschlägen oder Empfehlungen gedacht, die von TradingView bereitgestellt oder gebilligt werden, und stellen diese nicht dar. Lesen Sie mehr in den Nutzungsbedingungen.