BITCOIN ($BTCUSD)👮 | How Bitcoin TA Can Keep You Out of Trouble
🔑 Bitcoin has been consolidating for a while now, volatility is low and each attempt to move in either direction keeps getting rejected. Let's take a look at possible pathways to have a plan for when we do move.
Support.
If the bears can force Bitcoin out of this current range to the downside, then the S1 bullish orderblock and S/R flip should act as a support level at least temporarily. A move there could likely see the market going lower after a retest of the current range we are in. Finally, the S2 orderblock may act as the lowest level of support we see.
Resistance.
The R1 S/R flip and orderblock cluster have seen multiple reactions on the chart so far, so we are confident that even if we breach this level it should come into play as support. Above that the R2 orderblock cluster is a good candidate for seeing a rejection we would need to retest R1 as support. Finally, the R3 orderblock is a solid target for the bulls with the R4 creating a final level of resistance that could come into play if R3 is breached.
Summary.
To the upside, we want to see a break of the main resistance range and then a move as shown on the chart and described above. If the bulls can't send it up here, then there are only a few key levels standing between the bears and a ton of glory.
For anything very interesting to happen though, we have to leave the current range.
Until then, there is no clear trade on a higher time frame.
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Support.
If the bears can force Bitcoin out of this current range to the downside, then the S1 bullish orderblock and S/R flip should act as a support level at least temporarily. A move there could likely see the market going lower after a retest of the current range we are in. Finally, the S2 orderblock may act as the lowest level of support we see.
Resistance.
The R1 S/R flip and orderblock cluster have seen multiple reactions on the chart so far, so we are confident that even if we breach this level it should come into play as support. Above that the R2 orderblock cluster is a good candidate for seeing a rejection we would need to retest R1 as support. Finally, the R3 orderblock is a solid target for the bulls with the R4 creating a final level of resistance that could come into play if R3 is breached.
Summary.
To the upside, we want to see a break of the main resistance range and then a move as shown on the chart and described above. If the bulls can't send it up here, then there are only a few key levels standing between the bears and a ton of glory.
For anything very interesting to happen though, we have to leave the current range.
Until then, there is no clear trade on a higher time frame.
Hit that 👍 button to show support for the content and help us grow 🐣
Comment:
Here is an updated chart of the current 12hr TF we were originally keeping our eye on.
Comment:
~
Bitcoin finally broke out of the range we had our eye on and is currently attempting to break through the R1 main resistance range. This is a good show of strength for the bulls.
The bulls have a real chance to make it here with “hedge” assets like Gold running, with tech showing strength, and with the US dollar weakening. It also doesn’t hurt that ETH just got a boost from the DeFi craze and Alts had previously been running. This could be a perfect storm for BTC.
First though, BTC MUST break the current resistance it is at. With that in mind, let’s look at this update chart below to see what we are up against.
Current 4h Support:
The S1 S/R flip and orderblock cluster is our primary support. Now that we have broken out, we won’t want to dip below the support established by the previous range. Heck, we don't even really want to have to retest this now or ever if it can be helped (said every bull ever).
Current 4h Resistance:
What we want to see is a break above R1, for R1 to hold as support, and then to see a test of R2. This is similar to the expected bullish move on the original chart. In fact, there is room to see both the original and currently expected moves play out at once since we are analyzing price action on different timeframes.
Summary:
Things look good for the bulls if we avoid getting rejected at resistance and instead consolidate on top of it. Meanwhile, now that BTC has made up its mind, it is vital to stay above the previous S1 range.
Bitcoin finally broke out of the range we had our eye on and is currently attempting to break through the R1 main resistance range. This is a good show of strength for the bulls.
The bulls have a real chance to make it here with “hedge” assets like Gold running, with tech showing strength, and with the US dollar weakening. It also doesn’t hurt that ETH just got a boost from the DeFi craze and Alts had previously been running. This could be a perfect storm for BTC.
First though, BTC MUST break the current resistance it is at. With that in mind, let’s look at this update chart below to see what we are up against.
Current 4h Support:
The S1 S/R flip and orderblock cluster is our primary support. Now that we have broken out, we won’t want to dip below the support established by the previous range. Heck, we don't even really want to have to retest this now or ever if it can be helped (said every bull ever).
Current 4h Resistance:
What we want to see is a break above R1, for R1 to hold as support, and then to see a test of R2. This is similar to the expected bullish move on the original chart. In fact, there is room to see both the original and currently expected moves play out at once since we are analyzing price action on different timeframes.
Summary:
Things look good for the bulls if we avoid getting rejected at resistance and instead consolidate on top of it. Meanwhile, now that BTC has made up its mind, it is vital to stay above the previous S1 range.
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