Bitcoin struggling to overcome 6 Hr, looks to retest 4 Hr trend
A lot of people trade fibonacci and EMA's. I love both of these indicators. However, trend lines are where it's at along with Support and resistance lines. Don't get me wrong, EMA's (moving averages) along with fib lines, are great indications of where price could hit.
However, trend lines mark the reality of where price action will be, and support/resistance lines provide the guide; moving averages are just the indicator that lets you know the price reached that point in the chart- not predetermined targets.
Based on the chart analysis and RSI/SRSI movements, I believe Bitcoin will test the 4 hour. This would be a short term setup in my opinion and I would look to see it bounce around. Let's see what happens, this is still a bear market. I would anticipate Bitcoin holding the 25 EMA on the 4 hour chart if we were not in a downward trend, the higher time frame is showing red still in the shaded line in the background. IF we drop below the 6 hr and the 25 EMA on the 4 hr, we will likely see a 10%+ drop.
Not financial advice, don't invest more than you can afford to lose. If you aren't leverage trading this market, you are crazy. If you want to learn how Leverage trading is NOT A SCAM, I would love to teach you what I'm doing, and also show you how to adjust your leverage depending on price momentum so you don't get liquidated. Leave a comment. I'll get back to you.
However, trend lines mark the reality of where price action will be, and support/resistance lines provide the guide; moving averages are just the indicator that lets you know the price reached that point in the chart- not predetermined targets.
Based on the chart analysis and RSI/SRSI movements, I believe Bitcoin will test the 4 hour. This would be a short term setup in my opinion and I would look to see it bounce around. Let's see what happens, this is still a bear market. I would anticipate Bitcoin holding the 25 EMA on the 4 hour chart if we were not in a downward trend, the higher time frame is showing red still in the shaded line in the background. IF we drop below the 6 hr and the 25 EMA on the 4 hr, we will likely see a 10%+ drop.
Not financial advice, don't invest more than you can afford to lose. If you aren't leverage trading this market, you are crazy. If you want to learn how Leverage trading is NOT A SCAM, I would love to teach you what I'm doing, and also show you how to adjust your leverage depending on price momentum so you don't get liquidated. Leave a comment. I'll get back to you.
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