BTC Short-Term Targets
Updated
Happy Sunday Once again! 😃
First of all a massive THANK YOU to all of you new followers and THANK YOU to TradingView for publishing my last post on to the front page of the website! 🙏🚀😃📈
Now I want to come to this 4h chart, and if you have been following then you have seen this exact chart for about a month now, but I think it's worth updating since the levels have been extremely reliable, and some minor events have taken place before and during the weekend.
So the first thing we need to look at is February 21st, where we came down after we go rejected in the 45k-46k area.
We didn't quite tag the golden pocket on the Fib. (Right where we are at this moment) and then ended up with a couple of "bear traps" before BTC went for another rally to 45k.
39.5k:
This line is very important here on the 4h specifically as we rallied everytime we closed a candle above, which makes it a clear signal for long positions (39.8k on the 1h chart).
Golden Pocket:
The 61.8% and 65% level on the Fibonacci Retracement of the Bitcoin trend reversal in January has not been the strongest support or resistance as we cn see that usually when touched we fell below or rallied above it. We are close to that area yet again and therefore, like I mentioned in my previous ideas, we can still find lower support between35k and 33k or even 30k-29k. Anything below that would take us towards the weekly 200 SMA around 20k.
45k-46k:
This is the key level that we need to look at if we get a bounce on any of the previously mentioned levels. We have been trading in this 33k to 46k range since January, and to brake to the upside, the first step would be to close a 4h candle inside or above that green box.
33k-34k:
This is the danger area where we want to hold or we start looking down to 30k and 29k for our last potential bounce before the 200 week SMA which we never fell below (around 20-22k).
Above 46k:
We will still find a lot of resistance, so make sure to stay tuned for my post on the Larger TF's tomorrow and potentially even a video update on BTC!
As you can see, not much has changed since my previous posts from the last few weeks, and trading csn be pretty straight forward with those clearly defind ranges and levels.
For those who are wondering which post I was talking about, it was my prediction for Bitcoin to go to 165k as a potential new ATH 👇
I would like to add that this post is meant exclusively for educational purpose and that non of my posts are financial advise.
As always, A BIG THANK YOU for stopping by, I hope you liked my post! If you did, please take a second to drop a like or comment, every engagement puts a smile on my face, but also helps me to get my ideas out to many more of you guys! 😃🙏
Happy Trading ✌♥📈
First of all a massive THANK YOU to all of you new followers and THANK YOU to TradingView for publishing my last post on to the front page of the website! 🙏🚀😃📈
Now I want to come to this 4h chart, and if you have been following then you have seen this exact chart for about a month now, but I think it's worth updating since the levels have been extremely reliable, and some minor events have taken place before and during the weekend.
So the first thing we need to look at is February 21st, where we came down after we go rejected in the 45k-46k area.
We didn't quite tag the golden pocket on the Fib. (Right where we are at this moment) and then ended up with a couple of "bear traps" before BTC went for another rally to 45k.
39.5k:
This line is very important here on the 4h specifically as we rallied everytime we closed a candle above, which makes it a clear signal for long positions (39.8k on the 1h chart).
Golden Pocket:
The 61.8% and 65% level on the Fibonacci Retracement of the Bitcoin trend reversal in January has not been the strongest support or resistance as we cn see that usually when touched we fell below or rallied above it. We are close to that area yet again and therefore, like I mentioned in my previous ideas, we can still find lower support between35k and 33k or even 30k-29k. Anything below that would take us towards the weekly 200 SMA around 20k.
45k-46k:
This is the key level that we need to look at if we get a bounce on any of the previously mentioned levels. We have been trading in this 33k to 46k range since January, and to brake to the upside, the first step would be to close a 4h candle inside or above that green box.
33k-34k:
This is the danger area where we want to hold or we start looking down to 30k and 29k for our last potential bounce before the 200 week SMA which we never fell below (around 20-22k).
Above 46k:
We will still find a lot of resistance, so make sure to stay tuned for my post on the Larger TF's tomorrow and potentially even a video update on BTC!
As you can see, not much has changed since my previous posts from the last few weeks, and trading csn be pretty straight forward with those clearly defind ranges and levels.
For those who are wondering which post I was talking about, it was my prediction for Bitcoin to go to 165k as a potential new ATH 👇
I would like to add that this post is meant exclusively for educational purpose and that non of my posts are financial advise.
As always, A BIG THANK YOU for stopping by, I hope you liked my post! If you did, please take a second to drop a like or comment, every engagement puts a smile on my face, but also helps me to get my ideas out to many more of you guys! 😃🙏
Happy Trading ✌♥📈
Note
"39.5k:This line is very important here on the 4h specifically as we rallied everytime we closed a candle above, which makes it a clear signal for long positions (39.8k on the 1h chart)."
We got rejected exactly at the point of confirmation at 39.5k, this is the area that we are looking to break above in order to have another and potentially for now also last attempt at 45-46k.
"This is the key level that we need to look at if we get a bounce on any of the previously mentioned levels. We have been trading in this 33k to 46k range since January, and to brake to the upside, the first step would be to close a 4h candle inside or above that green box (45k to 46k)."
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