Bitcoin analysis in 4 hours time frame
Updated
Hello traders
Considering the strong drop last night and the almost strong return to the $18,200 area, we can hope that the downward trend is over for now.
Due to the formation of a powerful area at $19,300, I expect that we will have resistance in this area and due to the conditions of the global recession, we will probably have a suffering market in the coming week.
On the other hand, RSI shows oversold, which is another reason for the end of the bearish market.
Of course, when Chico Span enters bearish candles, the situation can change drastically and the market becomes extremely bullish, but let's not forget that the symmetry of Senquaspan and Kijonsen forms a powerful pivot. Scenario one is marked with green color and scenario two with blue color.
With these interpretations, I am currently long until the $19,300 area, then I will go to the next stage with profit saving.
be profitable
Considering the strong drop last night and the almost strong return to the $18,200 area, we can hope that the downward trend is over for now.
Due to the formation of a powerful area at $19,300, I expect that we will have resistance in this area and due to the conditions of the global recession, we will probably have a suffering market in the coming week.
On the other hand, RSI shows oversold, which is another reason for the end of the bearish market.
Of course, when Chico Span enters bearish candles, the situation can change drastically and the market becomes extremely bullish, but let's not forget that the symmetry of Senquaspan and Kijonsen forms a powerful pivot. Scenario one is marked with green color and scenario two with blue color.
With these interpretations, I am currently long until the $19,300 area, then I will go to the next stage with profit saving.
be profitable
Note
Of course, don't forget the SL on 17100Trade closed: stop reached
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