julio24albert
Long

Bitcoin : Looking for local break out

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
Hello all, here is the analysis of bitcoin's for short term.

Today I will try to cover the movement from the lower time frame of bitcoin . That is the 4 hours chart that I've applied. Every time we want to look for a break out, there will always be a crucial trend line that could drive the price. Based on this chart, there are 2 crucial trend line that could be the crucial factor for short term momentum.

Currently, the price is trying to break out of the first trend line which is the closest one from the price and acts as a resistance too. Once the price can breaks this resistance trend line , there is a potential test toward the next resistance trend line which has the confluence with previous price action around $9250 - $9350 region.

Second thing I want to give the highlight is that the RSI in the 4 hours chart is now entering the neutral zone from the bearish zone which is above the 40 level. This is a good sign for potential shifting in momentum from the previous bearish to neutral zone in the short term.

We will see the price to moves closer to the APEX which is the edge between the strong support and the closest resistance trend line . From there, we will see whether the price can breaks out of this trend line or not.
Comment:
Bitcoin actually touches the anticipated region. For the next moves, it can have a potential spike to the upside considering this as a golden pocket or liquidation zone for bitcoin. A lot of short will occurs at this green region that's why we must anticipate a potential volatility in near future. For bitcoin, I haven't seen any sign of weakening even it's for micro degree.

Comments

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