Looking at the 4-hour time frame we can see that Bitcoin rejected off of the resistance level at $44,854 and is heading back down going into the new weekly candle.
Bitcoin looks like its going to paint the bottom wick of the new weekly candle around $40,707 - $41,337 before going back upwards again.
This is a 1st touch rejection and does not mean the bull run / momentum is over, this is a small correction offering investors and traders to place longs at a lower entry price.
I do believe we're going to see a backtest of this channel around $42,000 as well as a wick off of $41,37 & $40,707.
Doing my best to keep y'all updated, check my crypto chat for real time updates.
Cheers
As always please do your own research, I am not a financial advisor.
لا يُقصد بالمعلومات والمنشورات أن تكون، أو تشكل، أي نصيحة مالية أو استثمارية أو تجارية أو أنواع أخرى من النصائح أو التوصيات المقدمة أو المعتمدة من TradingView. اقرأ المزيد في شروط الاستخدام.