Bitcoin Short Term: Potential Retest Of Lower Trend Channel.
Looking at the 1 hour chart we see that bitcoin is still trading inside the trend channel outlined in my previous post linked below (Anything Is Possible). Here we take a close up look at the action.
Directly below and above the current price are fib confluence resistance and support levels which I predict we will continue to trade within. A high of $11620 takes us right into major resistance in the form of the upper trend channel resistance, short term Fibonacci confluence resistance, and the long term 50% Fibonacci retracement level. This would be the ideal point for a probabilistic reversal.
Once we head lower we should find support at $9630 as we run into the lower trend channel support and our Fibonacci confluence support level. Will revisit that situation once we get there.
Short Entry $11600, Target $9630.
Directly below and above the current price are fib confluence resistance and support levels which I predict we will continue to trade within. A high of $11620 takes us right into major resistance in the form of the upper trend channel resistance, short term Fibonacci confluence resistance, and the long term 50% Fibonacci retracement level. This would be the ideal point for a probabilistic reversal.
Once we head lower we should find support at $9630 as we run into the lower trend channel support and our Fibonacci confluence support level. Will revisit that situation once we get there.
Short Entry $11600, Target $9630.
Trade closed: stop reached
Stopped Out
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.