I'm posting this technical analysis with a little bit of delay.
So far, the level of 38.2% of fib is maintained, but it is possible that we are not 100% out of danger, since it seems that a bear flag is being formed.
The volume of the weekend is very weak and it is important not to trade during times of low volume / low liquidity, since the risk of Bitcoin making wild moves is much higher.We also have the next vacation, so it is something that you should keep in mind when planning our business strategy.It would allow this current structure to be executed before taking any position. If it breaks down, look for a potential double bottom along the 200MA.If it breaks the 200MA with force, I would be short with a stop on the sail that broke it.
So far, the structure still shows us more potential with Bitcoin, but we can go down to the lowest levels ($ 3650) before getting the positive movement we are looking for.The upside target still stands at $ 4400.If $ 3600 breaks, then I fully expect the minimums to be retested.
In another point of view I see a clear pattern of double coverage at the 4150 level, before falling below its 50MA. The 50MA has served as a strong support and the price movement has been very respectful of this since the recent bullish action in recent days. Failing 50MA signals caution.
Currently, the price is tending to the sides looking to build support at level 3800. The next lower support band should match the 200MA around level 3600. However, if this level fails, it would be a bearish signal.I can add that potential head and shoulders are formed in the 4 hours along with the potential bear's flag.
so btc needs the 4 hours to endure.
Consider the expected Elliot wave plot: the target backs up to approximately 3650. It is notable that this can, in fact, print a pattern of H & S that could spell disaster. However, this would only be the case if the pattern is completed and the prices are reduced to the neck down.
In short and based Weekly, Daily, 4hr & 1hr
Prediction: Long Daily &4hr ( $4,300 )
Prediction: Short 1hr( $3,700 )
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.
