Bitcoin (BTCUSD) immediately got rejected upon entering the 18200 - 18900 Pivot Zone (blue), which as we mentioned in our previous analysis was the former Support Zone from June until November (having multiple rebounds/ circles) now turned into a Resistance.
The price broke again below the 1D MA50 (blue trend-line) and is headed towards the Support of the 4H MA50 (red trend-line). This is a critical Support level as within the greater Falling Wedge pattern that started on the June 18 Low, every time the price broke below it after a Lower High, a major sell-off was initiated.
However all Lower Highs (peaks) within the Falling Wedge, have take place after BTC broke above the 1D MA100 (green trend-line), even marginally (green circles - August 15, September 13 and November 05). This hasn't happened yet on this Nov/ Dec rally and the 1D MA100 is currently just above yesterday's peak, inside the Pivot Zone and a little lower than the Falling Wedge's top (Lower Highs trend-line).
As a result, unless the 4H MA50 breaks, we still believe there is (at least) some upside left on this BTC rally. Perhaps the 1D RSI can give an additional edge to finding the top after it enters its Resistance Zone. Below the 4H MA50, we expect 16000 to be tested while even a Lower Low on the Wedge's bottom is possible.
As for the long-term, only a break above the 1D MA200 (orange trend-line) which is unbroken for nearly 1 year (since December 31 2021), can restore the bullish trend and confirm the new Bull Cycle.
So what do you think? Is there one left High to make or Bitcoin will break below the 4H MA50 first? Feel free to let me know in the comments section below!
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The price broke again below the 1D MA50 (blue trend-line) and is headed towards the Support of the 4H MA50 (red trend-line). This is a critical Support level as within the greater Falling Wedge pattern that started on the June 18 Low, every time the price broke below it after a Lower High, a major sell-off was initiated.
However all Lower Highs (peaks) within the Falling Wedge, have take place after BTC broke above the 1D MA100 (green trend-line), even marginally (green circles - August 15, September 13 and November 05). This hasn't happened yet on this Nov/ Dec rally and the 1D MA100 is currently just above yesterday's peak, inside the Pivot Zone and a little lower than the Falling Wedge's top (Lower Highs trend-line).
As a result, unless the 4H MA50 breaks, we still believe there is (at least) some upside left on this BTC rally. Perhaps the 1D RSI can give an additional edge to finding the top after it enters its Resistance Zone. Below the 4H MA50, we expect 16000 to be tested while even a Lower Low on the Wedge's bottom is possible.
As for the long-term, only a break above the 1D MA200 (orange trend-line) which is unbroken for nearly 1 year (since December 31 2021), can restore the bullish trend and confirm the new Bull Cycle.
So what do you think? Is there one left High to make or Bitcoin will break below the 4H MA50 first? Feel free to let me know in the comments section below!
-------------------------------------------------------------------------------
** Please LIKE 👍, SUBSCRIBE ✅, SHARE 🙌 and COMMENT ✍ if you enjoy this idea! Also share your ideas and charts in the comments section below! This is best way to keep it relevant, support me, keep the content here free and allow the idea to reach as many people as possible. **
-------------------------------------------------------------------------------
You may also TELL ME 🙋♀️🙋♂️ in the comments section which symbol you want me to analyze next and on which time-frame. The one with the most posts will be published tomorrow! 👏🎁
-------------------------------------------------------------------------------
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👑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.