Hello Traders,
As you remember from my previous analysis, I mentioned that $9300 would act as heavy resistance and would pull back to somewhere around $8100-$8500.
As you can see in the 4 hour chart, Bitcoin had good bounce at 50% retracement level ($8256) and looking to contest $9300.
Currently, Bitcoin is contesting EMA20 resistance, and if Bitcoin manages to penetrate this, I expect it to contest $9300 range again in next couple days.
I also drew Elliot wave analysis is the 4 hour chart. We just finished Wave 1 and Wave 2, and I believe we are on our way on Wave 3. As you may know, Wave 3 is usually 61.8% longer than Wave 1, and end point of Wave 3 is exactly where the inverse head and shoulders pattern ended on May 5th. Therefore, I expect Bitcoin to surpass $9300 resistance without any problem this time.
Let me know what your thoughts are.
Happy trading!
As you remember from my previous analysis, I mentioned that $9300 would act as heavy resistance and would pull back to somewhere around $8100-$8500.
As you can see in the 4 hour chart, Bitcoin had good bounce at 50% retracement level ($8256) and looking to contest $9300.
Currently, Bitcoin is contesting EMA20 resistance, and if Bitcoin manages to penetrate this, I expect it to contest $9300 range again in next couple days.
I also drew Elliot wave analysis is the 4 hour chart. We just finished Wave 1 and Wave 2, and I believe we are on our way on Wave 3. As you may know, Wave 3 is usually 61.8% longer than Wave 1, and end point of Wave 3 is exactly where the inverse head and shoulders pattern ended on May 5th. Therefore, I expect Bitcoin to surpass $9300 resistance without any problem this time.
Let me know what your thoughts are.
Happy trading!