Currently, we are sitting a moment where $BTC could make a nice reversal. When looking at these two charts we are getting a lot of price action that we have not seen in quite some time. Without getting all hyped up it is important to know this setup is premature and is awaiting confirmations on multiple time frames. However, given the Volume GAP we see on the 4hr chart this is creating a unique early entry that might be a great short-term setup.
Breaking over the 6700 level will give us fuel to start on the right track for the 7900-8000 area, here is where we will get the most resistance. Following this, if we have a nice short squeeze rocket fuel we can easily get FOMO levels to the 9k area.
Overall I have seen this market become rather tiresome and the majority of retail traders have taken a step back, this is indicating a very sharp move.
Use caution with this as there is still heavy sell pressure in the current region, I expect the bears to get tired and with no momentum left this will allow for a reversal soon.
Using a stop loss in the 7300 area will be crucial for this setup.
Happy trading.
Breaking over the 6700 level will give us fuel to start on the right track for the 7900-8000 area, here is where we will get the most resistance. Following this, if we have a nice short squeeze rocket fuel we can easily get FOMO levels to the 9k area.
Overall I have seen this market become rather tiresome and the majority of retail traders have taken a step back, this is indicating a very sharp move.
Use caution with this as there is still heavy sell pressure in the current region, I expect the bears to get tired and with no momentum left this will allow for a reversal soon.
Using a stop loss in the 7300 area will be crucial for this setup.
Happy trading.
Comment:
Typo with 6700 level - 7700 was the right level.