BTC - Short term and Longer term move

3 Jun 2022

Here I have pulled up our 4H (left chart) and 1H (right chart) timeframes. On the 4H we can see that we have successfully had a retest of our old resistance (red arrows) that flipped into new support (green arrow). Longer term is looking good for a continued move up, but shorter term we could see some turmoil. On the 1H chart we can see that we are creating a rising wedge. Therefore, we could see a move back down to test our top trendline around $29,100 or our bottom trend line around $28,800 before finding strong support again. If we can flip this $30,800 into support again, we could go higher but at the moment it is old support flipped into new resistance.