BTC/USD Key Points

• BTC/USD higher time frame, horizontal resistance.
• Hourly trend line breakout.
• Intraday retest of previous short term support as resistance on the 15 minute

BTC/USD Technical Analysis

Morning team,

With bitcoin's bullish price action back in the mainstream, it's time to finally take a look at a chart again. I know everything is trending up, but I do feel that price is looking toppy and there may be an opportunity for a short.

To analyse what I'm talking about, let's first up take a look at the BTC/USD hourly:

While I haven't exactly made things the clearest here, the horizotal line on that one is the higher time frame resistance from the daily chart. It's actually the highest close and everything above that line is just wick on the daily.

So we have price hitting higher time frame resistance and then breaking out through this intraday trend line.

Now zoom into the BTC/USD 15 minute chart and let's see what the price action is actually doing:

I've numbered this chart 1 to 4 and I want to go through how I've seen price action unfolding here and why I want to get short.

After breaking through the hourly trend line, price found short term support at 1. Price then retested broken trend line support as resistance at 2, holding the level to the pip. We then pulled back to our zone of interest, bouncing at 3, but ultimately the bears were in control from the trend line break and retest, pushing price lower again.

4 is the key here and shows price retesting the short term previous support zone as resistance. Being in the direction of the trend line break, I really like this as a a zone to manage our risk around for a short.

Best of probabilities to you.

Dane.

Keep in mind

If you're trading a leveraged bitcoin position like this through a forex broker, then just be aware that while the markets are open on weekends, your broker isn't.

I HIGHLY recommend closing your position before the weekend's close. Don't leave yourself open to get fucked if you don't have to!

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@forexbrokr | Steemit Blog

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