Looking at the 1H time chart, Bitcoin is currently hovering above our minor zone of support around 9150-9100 with our moving averages above the candles. A breakout from this zone along with our support trendline from the weekly move to the upside can indicate short term bearish momentum. Confirmation of this bearish move will be a bounce off of the support trendline retesting the zone turning it into a zone of resistance and a pullback to the downside around 8900.
Despite the overall bearish outlook of BTC in its current short term price action, we're witnessing that the downtrend is not supported enough by sell volume as it is steadily decreasing indicating convergence which is a possible sign of a bullish move to the upside.
So my take on this is we have two possible scenarios.
1. A pullback around 8900 after breaking out of our minor zone of support. (Bearish)
2. A bounce from the minor zone of support pushing price towards our key zone of resistance around 9550-9620, then a possible breakout rallying towards the next line of resistance around 9800. (Bullish)
Overall my bias is Bearish and I think the 1st scenario is most likely going to happen rooting it off of the TA I've provided. Despite that, the second scenario isn't quite far off and can still possibly happen.
This is my first technical analysis summary so take no word from me as a financial advice
I'm relatively new to the crypto space and trading in general so I'm not quite sure if I'm using the terms right but I'd really love to hear your opinions on this so I can further improve my TA.
#MakeBitCoinPumpAgain
#BuildBuyWallsInBitMEXico
-DonaldPump
Despite the overall bearish outlook of BTC in its current short term price action, we're witnessing that the downtrend is not supported enough by sell volume as it is steadily decreasing indicating convergence which is a possible sign of a bullish move to the upside.
So my take on this is we have two possible scenarios.
1. A pullback around 8900 after breaking out of our minor zone of support. (Bearish)
2. A bounce from the minor zone of support pushing price towards our key zone of resistance around 9550-9620, then a possible breakout rallying towards the next line of resistance around 9800. (Bullish)
Overall my bias is Bearish and I think the 1st scenario is most likely going to happen rooting it off of the TA I've provided. Despite that, the second scenario isn't quite far off and can still possibly happen.
This is my first technical analysis summary so take no word from me as a financial advice
I'm relatively new to the crypto space and trading in general so I'm not quite sure if I'm using the terms right but I'd really love to hear your opinions on this so I can further improve my TA.
#MakeBitCoinPumpAgain
#BuildBuyWallsInBitMEXico
-DonaldPump
Comment:
2nd Scenario seems to be in action. Good luck everyone!