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Let’s dive into Bitcoin analysis. Yesterday, the exact bearish scenario I told you about happened. Let’s see what opportunities the market is offering us today.
⏳ 4-Hour Timeframe
Yesterday, I mentioned that the price had tested the 116829 zone too many times and that this area had become very weak. I also said that if the price made a lower high than 120041, deeper corrections would be likely.
✔️ Another perspective I have on the market is that sometimes certain support and resistance levels simply aren’t strong enough to continue the trend.
🔑 For example, in this case — despite Bitcoin being in an uptrend across all cycles — the 116829 support couldn’t hold, and the price broke it to reach a stronger support zone, one that might be capable of continuing the trend.
📊 Right now, this is what might be happening again. Support levels like 0.5, 0.618, and 0.786 Fibonacci retracement zones could be where the next bullish leg begins.
✅ At the moment, price has reached the 0.5 Fibonacci level, and the previous strong bearish momentum has slightly weakened. If you look at the volume, momentum is still in favor of sellers, but based on the long lower wicks on the candles, we can say the bearish trend is showing signs of weakness.
💥 On the other hand, RSI is approaching 30, and in an uptrend, when RSI nears the Oversold zone, it can often be a good entry point for a long. However, we’re not acting on this yet — we’ll wait for more confirmations before opening any positions.
⭐ For now, there’s no trigger for a long position on this timeframe. A break below 115000 could act as a short trigger, but given the trend Bitcoin is in, I’m not opening any short positions at the moment.
⏳ 1-Hour Timeframe
The price has dropped down to 114560, and I believe today we might enter a corrective phase. However, if the price stabilizes below 114560, the correction could continue. The next targets would be the Fibonacci levels from the 4-hour timeframe.
🔽 I won’t open a short position with the break of 114560, and I suggest you don’t take that short either.
📈 If this move turns out to be a fakeout, the first trigger we have now is at 118736, which is quite far from the current price. For this trigger to activate, we’d need to see a V-pattern form.
🔍 There are no other triggers right now. But if more range structure forms, we might consider opening a risky long on the breakout of the range top.
❌ Disclaimer ❌
Trading futures is highly risky and dangerous. If you're not an expert, these triggers may not be suitable for you. You should first learn risk and capital management. You can also use the educational content from this channel.
Finally, these triggers reflect my personal opinions on price action, and the market may move completely against this analysis. So, do your own research before opening any position.
Let’s dive into Bitcoin analysis. Yesterday, the exact bearish scenario I told you about happened. Let’s see what opportunities the market is offering us today.
⏳ 4-Hour Timeframe
Yesterday, I mentioned that the price had tested the 116829 zone too many times and that this area had become very weak. I also said that if the price made a lower high than 120041, deeper corrections would be likely.
✔️ Another perspective I have on the market is that sometimes certain support and resistance levels simply aren’t strong enough to continue the trend.
🔑 For example, in this case — despite Bitcoin being in an uptrend across all cycles — the 116829 support couldn’t hold, and the price broke it to reach a stronger support zone, one that might be capable of continuing the trend.
📊 Right now, this is what might be happening again. Support levels like 0.5, 0.618, and 0.786 Fibonacci retracement zones could be where the next bullish leg begins.
✅ At the moment, price has reached the 0.5 Fibonacci level, and the previous strong bearish momentum has slightly weakened. If you look at the volume, momentum is still in favor of sellers, but based on the long lower wicks on the candles, we can say the bearish trend is showing signs of weakness.
💥 On the other hand, RSI is approaching 30, and in an uptrend, when RSI nears the Oversold zone, it can often be a good entry point for a long. However, we’re not acting on this yet — we’ll wait for more confirmations before opening any positions.
⭐ For now, there’s no trigger for a long position on this timeframe. A break below 115000 could act as a short trigger, but given the trend Bitcoin is in, I’m not opening any short positions at the moment.
⏳ 1-Hour Timeframe
The price has dropped down to 114560, and I believe today we might enter a corrective phase. However, if the price stabilizes below 114560, the correction could continue. The next targets would be the Fibonacci levels from the 4-hour timeframe.
🔽 I won’t open a short position with the break of 114560, and I suggest you don’t take that short either.
📈 If this move turns out to be a fakeout, the first trigger we have now is at 118736, which is quite far from the current price. For this trigger to activate, we’d need to see a V-pattern form.
🔍 There are no other triggers right now. But if more range structure forms, we might consider opening a risky long on the breakout of the range top.
❌ Disclaimer ❌
Trading futures is highly risky and dangerous. If you're not an expert, these triggers may not be suitable for you. You should first learn risk and capital management. You can also use the educational content from this channel.
Finally, these triggers reflect my personal opinions on price action, and the market may move completely against this analysis. So, do your own research before opening any position.
💥 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.
💥 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.