Happy new year!
Looking at 4-hour chart, Bitcoin has established solid support around $3650 and we saw good bounce with decent volume.
There is a potential inverse head and shoulder pattern as well as bull flag in play, but there are few resistances that needs to be broken before the take off (green boxes and orange trendline). Currently, Bitcoin is at $3800 where the first resistance area is. If Bitcoin can go above this area, the next resistance is $3900.
In case of breakout, my initial target will be $4400.
Happy trading!
Looking at 4-hour chart, Bitcoin has established solid support around $3650 and we saw good bounce with decent volume.
There is a potential inverse head and shoulder pattern as well as bull flag in play, but there are few resistances that needs to be broken before the take off (green boxes and orange trendline). Currently, Bitcoin is at $3800 where the first resistance area is. If Bitcoin can go above this area, the next resistance is $3900.
In case of breakout, my initial target will be $4400.
Happy trading!
Comment:
First resistance cleared, but Bitcoin stopped at second resistance.
