BTC 4HR Analysis - Short Opportunity Right Around the Corner
BTC has failed three times in its attempt to ascend to the top of the bull channel with three-pin bar bear candles closing on or near their lows. It's been a slow bleed to the downside ever since last Friday. We are nearing the 200EMA on the 4HR and should expect some support here. A good short entry may be at the end of the next bull bar or two if you're not already in a short.
We should be looking for a breakout of the channel bottom with a bear bar closing on or near its low, followed by a retest of the channel resistance, and a confirmation bar to the downside. Such price action calls for a short back down to the bottom of this trading range we've been in since March of this year, which sets a target price of $25,000.
Trade wisely and let us know what you think in the comment section below!
We should be looking for a breakout of the channel bottom with a bear bar closing on or near its low, followed by a retest of the channel resistance, and a confirmation bar to the downside. Such price action calls for a short back down to the bottom of this trading range we've been in since March of this year, which sets a target price of $25,000.
Trade wisely and let us know what you think in the comment section below!
-Joe Dean
Trader Engineering Course
**Available Now at TraderEngineering.com**
Trader Engineering Course
**Available Now at TraderEngineering.com**
Disclaimer
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.