Short Term View On Bitcoin Price Movement
A Quick view on the immediate bitcoin 4 hour chart shows price ranging in between a channel from about a month now. While traders would feel bullish with the current price surge, I still believe we would continue ranging until we see price burst out from the channel, then we look forward to another chart pattern.
From my point of view, i think we would experience another mild price surge up between $7,800 - $8,000 to complete a retest at the upper trend line. Then we might see price breaking out from this trend, but i highly doubt that. I expect price to take a rebound back down between $7,000 to $7,400. This area marks an intersection between the moving average of the channel and a retest from the price surge from 23rd April.
When these happen then we can look forward to another big move on the upside, But not after we go through a short term ranging market. I believe the chart explains everything clearly.
This is my overall short term opinion on the bitcoin price following pure price action. Things might not go exactly as i have explained, but this is my overall expectation from the bitcoin movement.
And Lastly, i might be wrong, but i sure hope not. Wish you great trading.
From my point of view, i think we would experience another mild price surge up between $7,800 - $8,000 to complete a retest at the upper trend line. Then we might see price breaking out from this trend, but i highly doubt that. I expect price to take a rebound back down between $7,000 to $7,400. This area marks an intersection between the moving average of the channel and a retest from the price surge from 23rd April.
When these happen then we can look forward to another big move on the upside, But not after we go through a short term ranging market. I believe the chart explains everything clearly.
This is my overall short term opinion on the bitcoin price following pure price action. Things might not go exactly as i have explained, but this is my overall expectation from the bitcoin movement.
And Lastly, i might be wrong, but i sure hope not. Wish you great trading.
Pernyataan Penyangkalan
Informasi dan publikasi tidak dimaksudkan untuk menjadi, dan bukan merupakan saran keuangan, investasi, perdagangan, atau rekomendasi lainnya yang diberikan atau didukung oleh TradingView. Baca selengkapnya di Persyaratan Penggunaan.