Bitcoin in 4 hour time frame
According to the chart, the support floor in the range of $38,200 to $38,857 has worked well, and currently, according to the upward trend of the RSI indicator, we can hope for price growth up to the 200-day simple moving average line. (Ceiling of $42,907 ahead)
But due to this heavy resistance and the RSI indicator approaching the overbought zone, the possibility of price correction from the range close to the 200-day moving average is not low.
Therefore, if you see the confirmation candle, for the short position, you can reach the desired position according to the green and red lines (support and resistance). The first scenario.
However, if the 200-day simple moving average resistance line breaks and the price stabilizes above $43,257, we can hope for the second scenario.
Check with your technical analysis knowledge.
Good luck.
According to the chart, the support floor in the range of $38,200 to $38,857 has worked well, and currently, according to the upward trend of the RSI indicator, we can hope for price growth up to the 200-day simple moving average line. (Ceiling of $42,907 ahead)
But due to this heavy resistance and the RSI indicator approaching the overbought zone, the possibility of price correction from the range close to the 200-day moving average is not low.
Therefore, if you see the confirmation candle, for the short position, you can reach the desired position according to the green and red lines (support and resistance). The first scenario.
However, if the 200-day simple moving average resistance line breaks and the price stabilizes above $43,257, we can hope for the second scenario.
Check with your technical analysis knowledge.
Good luck.