BTC back to $8,000?
After a month of rally, BTC successful reached its $9,000 - $9,400 resistance and was rejected. We expect a possible continuation on the downside.
Also a month ago we already posted that there is a possibility price might get rejected within this area of resistance.
Lets see if it will now materialize the downward cycle of (D) fractal.
On 4H timeframe you can see there is a probability a double top or a Head and Shoulder pattern forming (bearish pattern). This pattern may materialize once it did break our $8,600 - $8,400 support.
If it does, expect buyers will be dominant a $8,000 and $7,500 areas and another attempt to make another high up to $8,500 - $8,400 where a lower high can happen.
This will be a good risk to reward ratio for those who will take a short position.
This analysis will be invalid once it break its high of $9,200 and expect another high at $9,800.
Disclaimer:
Anything can happen in the market.
Trade responsibly
Also a month ago we already posted that there is a possibility price might get rejected within this area of resistance.
Lets see if it will now materialize the downward cycle of (D) fractal.
On 4H timeframe you can see there is a probability a double top or a Head and Shoulder pattern forming (bearish pattern). This pattern may materialize once it did break our $8,600 - $8,400 support.
If it does, expect buyers will be dominant a $8,000 and $7,500 areas and another attempt to make another high up to $8,500 - $8,400 where a lower high can happen.
This will be a good risk to reward ratio for those who will take a short position.
This analysis will be invalid once it break its high of $9,200 and expect another high at $9,800.
Disclaimer:
Anything can happen in the market.
Trade responsibly
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