Bitcoin Short Term: Potential Retest Of Lower Trend Channel.
Looking at the 1 hour chart we see that bitcoin is still trading inside the trend channel outlined in my previous post linked below (Anything Is Possible). Here we take a close up look at the action.
Directly below and above the current price are fib confluence resistance and support levels which I predict we will continue to trade within. A high of $11620 takes us right into major resistance in the form of the upper trend channel resistance, short term Fibonacci confluence resistance, and the long term 50% Fibonacci retracement level. This would be the ideal point for a probabilistic reversal.
Once we head lower we should find support at $9630 as we run into the lower trend channel support and our Fibonacci confluence support level. Will revisit that situation once we get there.
Short Entry $11600, Target $9630.
Directly below and above the current price are fib confluence resistance and support levels which I predict we will continue to trade within. A high of $11620 takes us right into major resistance in the form of the upper trend channel resistance, short term Fibonacci confluence resistance, and the long term 50% Fibonacci retracement level. This would be the ideal point for a probabilistic reversal.
Once we head lower we should find support at $9630 as we run into the lower trend channel support and our Fibonacci confluence support level. Will revisit that situation once we get there.
Short Entry $11600, Target $9630.
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Stopped Out
