Hello folks,
Welcome to this another important post on BTC price in 4 hours timeframe.
Thank you for being so supportive of this community. It’s an honor to serve you guys with quality content and charts.
Let's roll back to the chart.
Yesterday's -9.8% drop wasn't expected at all. Everything was working fine and I personally expected BTC to reach $46k but these FUDs messed up everything. Still, being a trader, we must be prepared for any kind of situations.
Now, as you can see in the present chart that BTC is struggling to break above the 21 MA which is not good. For BTC to continue its upward rally a breakthrough from $40k to $46k is much needed.
The daily close was above the $42k which was a relief but things are still under pressure. The present chart is reflecting 3 possible scenarios:
Scenario 1: If BTC breaks above the 21 MA and continues towards the $46k- Once we see the BTC price at $46k, we would reach a very crucial point where if it breaks the $46k resistance, we may see a good rally towards the $50k, and on the other hand if it gets rejected then a pullback towards $44k to $40k will be the result.
Scenario 2: If BTC will get rejected from the 21 MA- A rejection will end up dropping the price towards the $39k level to continue the pattern. Once we reach this level, a bounce will be much needed to pull back the price but a further breakdown will be horrifying.
Scenario 3: If BTC goes sideways- BTC has formed support (the dotted line) and you can see in the chart how it has respected the support line and always bounced back. In this 3rd scenario, it is likely possible that BTC could show some sideways consolidation respecting the support line and then a good bounce towards the $44k to $46k range.
To be honest, if you ask me to choose my biased side, I would lean towards the 3rd scenario but being a trader, I am always prepared for anything that will happen.
What do you think about the BTC price move?
Which scenario will you choose?
Do you think there are more possible ways that BTC could move?
Do let me know your ideas and thoughts in the comment box.
Do hit the like button and share your views.
Every single likes and comment are highly appreciated and it motivates me to post more quality updates.
See you guys soon with a new update.
Welcome to this another important post on BTC price in 4 hours timeframe.
Thank you for being so supportive of this community. It’s an honor to serve you guys with quality content and charts.
Let's roll back to the chart.
Yesterday's -9.8% drop wasn't expected at all. Everything was working fine and I personally expected BTC to reach $46k but these FUDs messed up everything. Still, being a trader, we must be prepared for any kind of situations.
Now, as you can see in the present chart that BTC is struggling to break above the 21 MA which is not good. For BTC to continue its upward rally a breakthrough from $40k to $46k is much needed.
The daily close was above the $42k which was a relief but things are still under pressure. The present chart is reflecting 3 possible scenarios:
Scenario 1: If BTC breaks above the 21 MA and continues towards the $46k- Once we see the BTC price at $46k, we would reach a very crucial point where if it breaks the $46k resistance, we may see a good rally towards the $50k, and on the other hand if it gets rejected then a pullback towards $44k to $40k will be the result.
Scenario 2: If BTC will get rejected from the 21 MA- A rejection will end up dropping the price towards the $39k level to continue the pattern. Once we reach this level, a bounce will be much needed to pull back the price but a further breakdown will be horrifying.
Scenario 3: If BTC goes sideways- BTC has formed support (the dotted line) and you can see in the chart how it has respected the support line and always bounced back. In this 3rd scenario, it is likely possible that BTC could show some sideways consolidation respecting the support line and then a good bounce towards the $44k to $46k range.
To be honest, if you ask me to choose my biased side, I would lean towards the 3rd scenario but being a trader, I am always prepared for anything that will happen.
What do you think about the BTC price move?
Which scenario will you choose?
Do you think there are more possible ways that BTC could move?
Do let me know your ideas and thoughts in the comment box.
Do hit the like button and share your views.
Every single likes and comment are highly appreciated and it motivates me to post more quality updates.
See you guys soon with a new update.
We saw a little sideway consolidation but eventually, it broke above as expected.
The current chart shows that BTC will try to break the $45k resistance and once it breaks it then things will get interesting for the market.
We also need to keep in mind that BTC has been getting rejected from the resistance trendline drawn above.
I am on the bullish side of BTC but also I am aware and always ready if things don't play right.