Mid 8ks key for BTC. Bullish springboard or bearish floor?
Looking at the 4 hour chart getting a detailed a look at the price action we can identify from previous support and resistance flips and the VPVR indicator that this area is critical for BTC in the short-mid term.
In recent days, the price of Bitcoin has dropped from a local high of approx 10.5k and has failed to test higher targets in the region of 10.9k-11.k. This area has key fib levels and have acted as resistance in recent months.
To me this shows that there is some weakness in bitcoin right now, unless the bulls can reclaim prices above 9.2k.
If 8.3k-8.4k is broken by the bears a descending triangle pattern may play out, a la summer 2k19. And this made cause a cascade of sell stops and shorting crashing the price back to the high 7ks or potentially much further, as this would be a sign of underlying weakness.
For now I wouldn't believe anyone who says it's definitely bearish, or definitely bullish, it's hard to know at this stage, so I would look for price to breach certain bullish and bearish control zones and then enter the trade, with no or little leverage as this market can be very unpredictable and many of us are getting REKT over and over again, over-trading and not waiting for confirmation.
In recent days, the price of Bitcoin has dropped from a local high of approx 10.5k and has failed to test higher targets in the region of 10.9k-11.k. This area has key fib levels and have acted as resistance in recent months.
To me this shows that there is some weakness in bitcoin right now, unless the bulls can reclaim prices above 9.2k.
If 8.3k-8.4k is broken by the bears a descending triangle pattern may play out, a la summer 2k19. And this made cause a cascade of sell stops and shorting crashing the price back to the high 7ks or potentially much further, as this would be a sign of underlying weakness.
For now I wouldn't believe anyone who says it's definitely bearish, or definitely bullish, it's hard to know at this stage, so I would look for price to breach certain bullish and bearish control zones and then enter the trade, with no or little leverage as this market can be very unpredictable and many of us are getting REKT over and over again, over-trading and not waiting for confirmation.
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