Bitcoin Support&Resistane levels

rakeshreddym Updated   
Observing a downward channel pattern in the 4-hour timeframe for Bitcoin, with a breakout and subsequent retest indicating a potential continuation of this pattern. Based on this analysis, anticipate immediate resistance levels around 66500 to 66800 to be tested. Additionally, if you measure the length of the channel, it's approximately 8000 points, suggesting a potential continuation of this pattern.

it appears that Bitcoin may continue its downward movement in the short term, with resistance levels around 66500 to 66800 being important areas to watch for potential price action.

However, it's essential to consider other factors such as market sentiment, news events, and broader market trends that could influence Bitcoin's price movements. Additionally, risk management strategies should always be employed when trading or investing in volatile assets like Bitcoin.

Immediate Resistance Levels (66500 to 66800):
These levels are crucial as they represent areas where selling pressure might increase, leading to potential price reversals or consolidation.
Traders could consider short-term selling opportunities or profit-taking strategies if Bitcoin approaches these resistance levels.
Keep a close eye on price action around these levels for signs of bullish exhaustion or strong selling pressure.

Support Levels:
Identify key support levels within the downward channel where buying interest might increase, potentially leading to temporary price bounces or reversals.
Previous swing lows, psychological price levels, or Fibonacci retracement levels could serve as potential support zones.
Traders could consider initiating long positions or scaling into existing positions near these support levels, with appropriate risk management strategies in place.
Trade active:
Bullish divergence in 4 hour time frame

Trade active:
As per my view buy on dips entry on trendline support lets see how it fair out.
Trade active:
Trade active:
2500 points almost tested the target area
Trade closed: target reached:
2600 points captured

on every dip buyers jumping in
Trade closed: target reached:
target acheived


The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.