Hello traders,
If you recall my previous analysis, I mentioned the possibility Bitcoin was running out of fuel and it could find support around $3800 region.
If you thought Litecoin or binance coin leading the market, you are wrong. At the end of the day Bitcoin is still the king of cryptocurrency and it dictates how the market moves.
Looking at the 4 hour chart, we saw clear bull flag and inverse H&S rejection confirmed by huge selling volume. As a matter of fact, the selling pressure was so high that all the supports that have been established in the past few weeks was rejected.
For bulls, holding $3500 range is very important as it may need to establish higher low, or else we can expect higher selling pressure. Key level look for is $3750. If we find resistance around that zone, there is very high probability that $3500 range would get rejected as well.
Happy trading!
If you recall my previous analysis, I mentioned the possibility Bitcoin was running out of fuel and it could find support around $3800 region.
If you thought Litecoin or binance coin leading the market, you are wrong. At the end of the day Bitcoin is still the king of cryptocurrency and it dictates how the market moves.
Looking at the 4 hour chart, we saw clear bull flag and inverse H&S rejection confirmed by huge selling volume. As a matter of fact, the selling pressure was so high that all the supports that have been established in the past few weeks was rejected.
For bulls, holding $3500 range is very important as it may need to establish higher low, or else we can expect higher selling pressure. Key level look for is $3750. If we find resistance around that zone, there is very high probability that $3500 range would get rejected as well.
Happy trading!
