Hey Folks,
Hope everythings alright on your side! I'm coming at you with a small update on the last Breakdown Analysis. https://www.publish0x.com/thecryptohack1/bitcoin-broke-its-consolidation-pattern-what-now-xjnjxe
Lets get straight into it without much words shall we?
The last time i posted this one here
So lets build up on that on a lower timeframe, the 4hour Chart now.
As you can see Bitcoin fell and found support at around $6570, the prices bounced from that level and tested $6.840 before coming back down. What need to happen for me now to confirm my yesterday bias to the downside? A H4 candle break to the downside would further confirm it, its indicated in the chart as a red arrow.
But what if bitcoin goes up? I stay with my downside theory as long as bitcoin is trading below $7.300 indicated as the green arrow. This would turn me bullish if Bitcoin can close atleast 4hour candle above the 7.300 Level.
I will keep you updated on this one as it plays out. I see the probability still higher to go down. But all the areas marked with the white support zones are potential bounce areas. Also never ignore the 61.8% Fibonacci ratio!
Stay safe, Stay healthy and enjoy Life!
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Do NOT trade based on what you see in this analysis. You should only trade based on your knowledge, experience, and risk as a trader. This information is for educational purpose only. Trading in any market contains a high degree of risk. Always seek advice from a licensed financial planner or adviser.
