Hey Guys,
Bitcoin looks wants to retest lower level, 4 hr candle closed with good volume, the closure below the 11.6k area has invalidated the rising channel btc was in.
Indicator such as stochastic and jewel are starting to all point down aggressively, volatility its starting to expand and the only positive indication comes from the CMF that is still above the zero line so my short term bias its neutral/bearish.
The next support area has been hit already and for now is bouncing from the 11.1k area so on the short term we have 3 scenarios:
- Sideways action between 11.1k area and 11.6k
- Retest of higher level at 11.6k and then down to the next support area at 10.5k to 10.2k (Big support imo)
- Retest of 11.1k support and back up above 11.6k (another bear trap?)
In order to trigger any of the scenarios above I would for the more aggressive traders wait for a 4hr closure below/above mentioned levels and 12hr closure for the most conservative ones.
Hope it helps
Bitcoin looks wants to retest lower level, 4 hr candle closed with good volume, the closure below the 11.6k area has invalidated the rising channel btc was in.
Indicator such as stochastic and jewel are starting to all point down aggressively, volatility its starting to expand and the only positive indication comes from the CMF that is still above the zero line so my short term bias its neutral/bearish.
The next support area has been hit already and for now is bouncing from the 11.1k area so on the short term we have 3 scenarios:
- Sideways action between 11.1k area and 11.6k
- Retest of higher level at 11.6k and then down to the next support area at 10.5k to 10.2k (Big support imo)
- Retest of 11.1k support and back up above 11.6k (another bear trap?)
In order to trigger any of the scenarios above I would for the more aggressive traders wait for a 4hr closure below/above mentioned levels and 12hr closure for the most conservative ones.
Hope it helps
