Bitcoin: Potential Bottoming Soon?
Hello everyone! I hope you are having a good day and keep making profit despite the crypto market condition!
Allow me to express my idea regarding Bitcoin
Basically, some important factors regarding Bitcoin:
1. Zone with dashed yellow lines, is a range that I have identified. You can see a "sweep" / liquidity grab on the bottom of it
(Range 25199-27846)
2. Bitcoin is still forming BEARISH trend in 4H. You can see the formation low LOWER HIGHS and how BTC failed to break and reclaim the 200 EMA over and over
3. You may notice that the HIGH formation is getting closer and closer. This may be the early signal for a reversal
4. Bold white line (29536) is my identified supply zone/ support turned resistance. We may see a movement towards there for the retest/reclaim
From 4 factors above, I conclude that there will be a potential for bitcoin to rise in price, with these caveats:
1. Trend line (white) HAS TO BE BROKEN first. I see a possibility of forming triangle/wedge prior to breaking out
2. Once the trendline is broken, I will be targetting the range high, and the supply zone
3. Be careful at the supply zone, because if Bitcoin does reach it, In higher timeframe, it forms HEAD AND SHOULDERS
Allow me to express my idea regarding Bitcoin
Basically, some important factors regarding Bitcoin:
1. Zone with dashed yellow lines, is a range that I have identified. You can see a "sweep" / liquidity grab on the bottom of it
(Range 25199-27846)
2. Bitcoin is still forming BEARISH trend in 4H. You can see the formation low LOWER HIGHS and how BTC failed to break and reclaim the 200 EMA over and over
3. You may notice that the HIGH formation is getting closer and closer. This may be the early signal for a reversal
4. Bold white line (29536) is my identified supply zone/ support turned resistance. We may see a movement towards there for the retest/reclaim
From 4 factors above, I conclude that there will be a potential for bitcoin to rise in price, with these caveats:
1. Trend line (white) HAS TO BE BROKEN first. I see a possibility of forming triangle/wedge prior to breaking out
2. Once the trendline is broken, I will be targetting the range high, and the supply zone
3. Be careful at the supply zone, because if Bitcoin does reach it, In higher timeframe, it forms HEAD AND SHOULDERS
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