Bitcoin:Buy Set Up And Some Difficulties
During this rally upwards, the price has reached significant highs in the structure of the price action. it has achieved HH's and HL in the short term and HH's in the longer term.
We fight strongly with the $ 4,000 level. Multiple attempts to break more than $ 4,100 and less than $ 4,000. We obtained bearish signals from the higher time frames and the price made a break down from the triangle and closed a candle below the $ 4,000. This movement guides the price downwards around $ 3,760; Currently, we can say that it is a lower low in the short term, but I think we could see a rebound down from the current level at $ 3,900.
This area just below $ 4,000 is very strong. As I said before, we had several attempts to break more than $ 4,000, but the price was rejected at $ 3,950. Now, when the price is lower than this level, then it starts to function as a resistance, just a simple change of roles.
If you find resistance in the current area (around $ 3,900- $ 3,950), then there would be perfect shoulders to the right and to the left in the bearish chart pattern called "Head and shoulders". This pattern will guide us to the main bounce area around the blue area (green circle). The price range for that rebound area would be between $ 3,530- $ 3,635.
The bouncing area is a well-known strong area, statistically 20 attempts to break through and only 2 of them were successful. Now I think if we get to this area we will see a rebound if something strange does not happen at the same time.
Currently, barely an hour ago we got a little pumping up with altcoins support, but still, I think, if you want to get a perfect entry point, I suggest looking at this area.
From the chart's point of view I think Bitcoin is almost starting wave c of the 4th wave of A. We could see something like this in the next few days.
The volume again is very, low, so it could take some time!
tell me what's your take and your prediction on bitcoin.
resteem and upvote and comment on my post if you found it helpful.
happy trading.happy x-mass in advance
