Quick analysis on the 4H chart - BTCUSD
*** Always trade your own charts. These charts are for simple analysis from my point of view. This is NOT trading advice. ***
A simple look at the 4H chart versus the 200 smoothed moving average (green line) and the 200 simple moving average (blue / orange line).
Short term, this is still very much in a downwards trajectory. How low can we go? I'm still sticking to my original projection of 25-26K before any sort of major trend reversal. Could we go lower? Certainly. Could this entire structure be invalidated? You bet. Whales can do it if they want to. It's hard to tell at this point in time. Just keep a larger perspective on what kind of trend we're in. Don't try to crystal ball your trading, just trade the trend. If you're a day trader or scalper, there's money to be made here. If you're holding, that's up to your comfort level on if you want to hold and wait until a final rebound or get out and buy lower. It all depends on your risk management and trading style. I'm just here to make a non-biased analysis of what kind of trend we're still in. I see more downwards pressure coming. Hold on to your butts!
A simple look at the 4H chart versus the 200 smoothed moving average (green line) and the 200 simple moving average (blue / orange line).
- Trending well below the 200 SMMA - Sign of weakness.
- Trending below the 200 SMA - Sign of weakness.
- Arrows point to continuously weakening buy pressure and eventual failure to surpass back above the 200 SMA - Major sign of weakness.
Short term, this is still very much in a downwards trajectory. How low can we go? I'm still sticking to my original projection of 25-26K before any sort of major trend reversal. Could we go lower? Certainly. Could this entire structure be invalidated? You bet. Whales can do it if they want to. It's hard to tell at this point in time. Just keep a larger perspective on what kind of trend we're in. Don't try to crystal ball your trading, just trade the trend. If you're a day trader or scalper, there's money to be made here. If you're holding, that's up to your comfort level on if you want to hold and wait until a final rebound or get out and buy lower. It all depends on your risk management and trading style. I'm just here to make a non-biased analysis of what kind of trend we're still in. I see more downwards pressure coming. Hold on to your butts!
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