Hello Traders,
Looking at the 4 hour chart, we see that Bitcoin 1.80% found $8800 as a good support (green line). Now, where are we heading?
Our ultimate target for next few weeks is to break ultimate resistance at $11680. As you can see from the chart, Bitcoin 1.80% contested this resistance more than 6 times in last 40 days and it always ended up failed breakout.
However before reaching to $11680, there are multiple heavy resistances in this range.
One of the resistances is definitely $10000. (psychological resistance) I see Bitcoin 1.80% contested this resistance multiple time (yellow arrow), and it will probably act as very heavy resistance in imminent future.
I also put blue box in the chart, as there are multiple resistance in this box. Swing trade in this region would be complicated and tricky, and extremely tight stop loss/limit needs to be implemented.
Looking at RSI , there are still lots room to grow and we see bull flag is forming. If Bitcoin 1.80% can break this bull flag , next target would be around $9300-$9400 (resistance and EMA200 overlaps).
Happy Trading!
Looking at the 4 hour chart, we see that Bitcoin 1.80% found $8800 as a good support (green line). Now, where are we heading?
Our ultimate target for next few weeks is to break ultimate resistance at $11680. As you can see from the chart, Bitcoin 1.80% contested this resistance more than 6 times in last 40 days and it always ended up failed breakout.
However before reaching to $11680, there are multiple heavy resistances in this range.
One of the resistances is definitely $10000. (psychological resistance) I see Bitcoin 1.80% contested this resistance multiple time (yellow arrow), and it will probably act as very heavy resistance in imminent future.
I also put blue box in the chart, as there are multiple resistance in this box. Swing trade in this region would be complicated and tricky, and extremely tight stop loss/limit needs to be implemented.
Looking at RSI , there are still lots room to grow and we see bull flag is forming. If Bitcoin 1.80% can break this bull flag , next target would be around $9300-$9400 (resistance and EMA200 overlaps).
Happy Trading!