Bitcoin (BTCUSD) made a historic first in Cyclical terms as it broke yesterday the Top of the previous Cycle (Dec 2017). It did so within a Channel Down pattern on the short-term 4H time-frame. So what's next for the immediate price action?
Well as long as the Channel Down is intact, BTC should trade lower within it. As I mentioned on my previous analysis, the level to look for once the 1W MA200 broke was the 1W MA300 (red trend-line on the current analysis). If broken, we can technically experience another massive sell-off to the -1.0 Fibonacci extension, which is around 12250.
There are however high chances, at least from a 4H perspective, that the Channel breaks upwards as there is a bullish divergence on the RSI being on Higher Lows as opposed to the candle action being on Lower Lows. Technically, if the price closes above the Channel Down, we can expect a quick test of the 4H MA50 (blue trend-line) and if broken, then in turn a 4H MA200 (orange trend-line) test, which at the moment is just below the 2.0 Fibonacci extension that happens to be on the last 4H Resistance (28300) before the June 12 sell-off started.
Again we have to state that this is a short-term technical outlook on the price action. Right now there are fundamentals on the bigger time-frames that tend to overshadow short-term patterns. Attention and careful risk management is needed.
What do you think BTC will do next? Feel free to share your work and let me know in the comments section below!
--------------------------------------------------------------------------------------------------------
Please like, subscribe and share your ideas and charts with the community!
--------------------------------------------------------------------------------------------------------
Well as long as the Channel Down is intact, BTC should trade lower within it. As I mentioned on my previous analysis, the level to look for once the 1W MA200 broke was the 1W MA300 (red trend-line on the current analysis). If broken, we can technically experience another massive sell-off to the -1.0 Fibonacci extension, which is around 12250.
There are however high chances, at least from a 4H perspective, that the Channel breaks upwards as there is a bullish divergence on the RSI being on Higher Lows as opposed to the candle action being on Lower Lows. Technically, if the price closes above the Channel Down, we can expect a quick test of the 4H MA50 (blue trend-line) and if broken, then in turn a 4H MA200 (orange trend-line) test, which at the moment is just below the 2.0 Fibonacci extension that happens to be on the last 4H Resistance (28300) before the June 12 sell-off started.
Again we have to state that this is a short-term technical outlook on the price action. Right now there are fundamentals on the bigger time-frames that tend to overshadow short-term patterns. Attention and careful risk management is needed.
What do you think BTC will do next? Feel free to share your work and let me know in the comments section below!
--------------------------------------------------------------------------------------------------------
Please like, subscribe and share your ideas and charts with the community!
--------------------------------------------------------------------------------------------------------
👑Best Signals (Forex/Crypto+70% accuracy) & Account Management (+20% profit/month on 10k accounts)
💰Free Channel t.me/tradingshotglobal
🤵Contact info@tradingshot.com t.me/tradingshot
🔥New service: next X100 crypto GEMS!
💰Free Channel t.me/tradingshotglobal
🤵Contact info@tradingshot.com t.me/tradingshot
🔥New service: next X100 crypto GEMS!
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.
👑Best Signals (Forex/Crypto+70% accuracy) & Account Management (+20% profit/month on 10k accounts)
💰Free Channel t.me/tradingshotglobal
🤵Contact info@tradingshot.com t.me/tradingshot
🔥New service: next X100 crypto GEMS!
💰Free Channel t.me/tradingshotglobal
🤵Contact info@tradingshot.com t.me/tradingshot
🔥New service: next X100 crypto GEMS!
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.