Hi everyone,
I hope you are doing well.
Yesterday I said that Bitcoin will have a small dump to the 21700 level since we observed a head and shoulders on the lower time frame (H4). However, the price did what I had least expected it to do.
If you have been following me, I mentioned 3 days ago that a possible scenario might be less likely to happen, in which the price might go to take out liquidity below the mentioned support.
(the image 3 days ago)
Also, I mentioned in a notice that the price might reach the liquidity below the relatively equal lows that we created 2 days ago, and it really did.
Looking at the H4 time frame, we are in a narrow range between a support and a resistance. Right now, we just hit the last resistance and rejected it with a big red candle.
So, where are we going? I am still on yesterday's plan where the price is going to meet the 21700 level support.
However, if it breaks from the upside, we will surely meet the last major resistance around 24k, since we are still in an uptrend channel/ wedge.
In conclusion, we have 2 possible scenarios, one to the upside and one to the downside, but both of them have a small range to move to, as I mentioned before, we will most probably have a slow month.
Please comment if you have any questions, I will try my best to answer them.
Thank you😊
I hope you are doing well.
Yesterday I said that Bitcoin will have a small dump to the 21700 level since we observed a head and shoulders on the lower time frame (H4). However, the price did what I had least expected it to do.
If you have been following me, I mentioned 3 days ago that a possible scenario might be less likely to happen, in which the price might go to take out liquidity below the mentioned support.
Also, I mentioned in a notice that the price might reach the liquidity below the relatively equal lows that we created 2 days ago, and it really did.
Looking at the H4 time frame, we are in a narrow range between a support and a resistance. Right now, we just hit the last resistance and rejected it with a big red candle.
So, where are we going? I am still on yesterday's plan where the price is going to meet the 21700 level support.
However, if it breaks from the upside, we will surely meet the last major resistance around 24k, since we are still in an uptrend channel/ wedge.
In conclusion, we have 2 possible scenarios, one to the upside and one to the downside, but both of them have a small range to move to, as I mentioned before, we will most probably have a slow month.
Please comment if you have any questions, I will try my best to answer them.
Thank you😊
