BITCOIN Entering Consolidation to $4,040 Target
Happy Thursday! After having a nice day yesterday with a decent amount of upside, BTC looks to consolidate after being overbought.
BTC topped out yesterday at $4,271, a great move to the upside after topping the previous high of the movement at $4,125. Daily inside bear bars have been a great indication that the move is strong and likely to continue. In addition, daily indicators are showing large amounts of bull pressure and we should be shaping up to test the next level's high at $4,375 in the next couple of days. The daily so far is showing a bearish inside bar which is at the perfect scenario for BTC.
The 4-hr chart though shown above (which I've been a huge fan of in the crypto space) is showing that today should be a nice consolidation day for the next trading period. We most likely will be pulling back to see a test of $4,040. Support sits at $4,000 and $3,960 right after.
$4,271 is current resistance right now, but we will most likely be seeing a test of that and establishing new resistance before long. My target right now for entry is around the $4,045 level.
Thanks for reading, don't forget to follow, up vote and resteem!
Happy trading!
I'm curious as always to see which way it moves. Good analysis, thanks a lot!
Yep. It's definitely not in any sort of real predictable trend like it was early summer. It's always a 50/50 flip if it'll go up 10% or down 10% in an hour! ha. Hence why good risk management is always the key.
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Hey, cool, thanks for the update and a the inclusion! :)
Bitcoin to $9,000 per this pathway:
Yea I was thinking if we aren't done with parabolic movement there'd be another HUGE leg to the upside. Just ultimately means a longer harder correction.
BTC went below my $4,040 target though, so I was right :)