Hello all, welcome back to the chart work of bitcoin. This time, I'll cover the bitcoin in 4 hours time frame. Now, let's see what is the possibility of the price in the upcoming moves.
Based on current bitcoin's structure, there are a very important moves that everyone must see during the post double top pattern. The price was getting rejected after it touched the double top region which is the same level of the interim swing high around $9400 . But, I see this as a normal behavior during this movement before the price continue its leg higher.
These are 2 facts that I'd like to cover during this analysis :
1. The fact that current drop since the test toward the double top, there could be the 2nd phase of break out strategy to come in play too. Which is testing the previous broken resistance that is now become support. The previous broken resistance here is the upper line of the failure descending triangle.
2. The latest 4% drop is not a significant amount of volatility because since the few months ago, the volatility of the price is remains higher. Beside, the price is still trending above the white support trend line which has held the price since the V shape structure in play.
And based on those 2 facts, I have another 2 scenario for bitcoin's price in the near future :
A) This scenario is if the price can holds above this previous broken resistance and the phase 2 of break out strategy has been confirmed, we might see a push toward the psychological level around $10000 or even higher.
B) This scenario is the bearish one, which if this retest toward the upper line of the descending triangle fails to holds, we'll see the price to test the white support trend line again around $8000 level. And if this breaks, I'll see the $7700 is in play.
But, following the other fundamentals and current sentiment on the market, it's more likely that the price will continue its leg higher. I still stay on my current bias which is bullish for short term (until the halvening take place).
Based on current bitcoin's structure, there are a very important moves that everyone must see during the post double top pattern. The price was getting rejected after it touched the double top region which is the same level of the interim swing high around $9400 . But, I see this as a normal behavior during this movement before the price continue its leg higher.
These are 2 facts that I'd like to cover during this analysis :
1. The fact that current drop since the test toward the double top, there could be the 2nd phase of break out strategy to come in play too. Which is testing the previous broken resistance that is now become support. The previous broken resistance here is the upper line of the failure descending triangle.
2. The latest 4% drop is not a significant amount of volatility because since the few months ago, the volatility of the price is remains higher. Beside, the price is still trending above the white support trend line which has held the price since the V shape structure in play.
And based on those 2 facts, I have another 2 scenario for bitcoin's price in the near future :
A) This scenario is if the price can holds above this previous broken resistance and the phase 2 of break out strategy has been confirmed, we might see a push toward the psychological level around $10000 or even higher.
B) This scenario is the bearish one, which if this retest toward the upper line of the descending triangle fails to holds, we'll see the price to test the white support trend line again around $8000 level. And if this breaks, I'll see the $7700 is in play.
But, following the other fundamentals and current sentiment on the market, it's more likely that the price will continue its leg higher. I still stay on my current bias which is bullish for short term (until the halvening take place).
