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Let's go over Bitcoin's analysis. Today, Bitcoin is showing some signs regarding its next move, and today could be a critical day — especially considering that U.S. interest rate data is set to be released tomorrow.
4-Hour Timeframe
Today, there’s no need to switch to other timeframes — this 4-hour chart tells us everything.
Yesterday, the price was moving toward the 120041 area, which we intended to use as a long trigger, but that didn’t happen. The price failed to stabilize above this level, and RSI was rejected from the 61.67 zone.
Currently, the price has formed a lower high compared to 120041 and is now moving toward the support area around 116000.
Selling volume has significantly increased, which is not good for the bullish trend. If this support level breaks, deeper corrections to the 0.618 or even 0.786 Fibonacci levels could occur.
I’ll take profit on my long position that I opened from below 110000 if the price stabilizes below this zone, but I absolutely won’t open any short positions for now.
In my opinion, as long as the price is above 110000, any drop or correction is simply a better entry point for a long position. However, we shouldn’t buy during a falling market — we must wait for our triggers to activate.
Let's go over Bitcoin's analysis. Today, Bitcoin is showing some signs regarding its next move, and today could be a critical day — especially considering that U.S. interest rate data is set to be released tomorrow.
4-Hour Timeframe
Today, there’s no need to switch to other timeframes — this 4-hour chart tells us everything.
Yesterday, the price was moving toward the 120041 area, which we intended to use as a long trigger, but that didn’t happen. The price failed to stabilize above this level, and RSI was rejected from the 61.67 zone.
Currently, the price has formed a lower high compared to 120041 and is now moving toward the support area around 116000.
Selling volume has significantly increased, which is not good for the bullish trend. If this support level breaks, deeper corrections to the 0.618 or even 0.786 Fibonacci levels could occur.
I’ll take profit on my long position that I opened from below 110000 if the price stabilizes below this zone, but I absolutely won’t open any short positions for now.
In my opinion, as long as the price is above 110000, any drop or correction is simply a better entry point for a long position. However, we shouldn’t buy during a falling market — we must wait for our triggers to activate.
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🏆 Trade & Earn : bitunix.com/register?vipCode=TCPINT
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🤵 Business Contact: Tradecityproteam@gmail.com
🏆 Trade & Earn : bitunix.com/register?vipCode=TCPINT
💰 Join the Telegram Channel Now: t.me/Tradecityproint
🤵 Business Contact: Tradecityproteam@gmail.com
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.
💥 Don’t Miss Out!
🏆 Trade & Earn : bitunix.com/register?vipCode=TCPINT
💰 Join the Telegram Channel Now: t.me/Tradecityproint
🤵 Business Contact: Tradecityproteam@gmail.com
🏆 Trade & Earn : bitunix.com/register?vipCode=TCPINT
💰 Join the Telegram Channel Now: t.me/Tradecityproint
🤵 Business Contact: Tradecityproteam@gmail.com
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.