Is This The End Of The Bitcoin (BTC) Crash?
Looking at the 4 hour chart you can see that bitcoin broke out of the bearish trend channel.
Although it is a breakout, the volume is a little bit on the low side so this could be considered as a uncertain breakout. The same thing could happen as happend with the previous breakout.
So we don't want to see btc go back into that grey channel. That would be very bearish because that would be proof that btc isn't able to create a decent break-out to the upside, at least for the time being. Bulls could lose their hope for a short term recovery.
What we would like to see is a break out above the neckline of the head and shoulders pattern. If it does and confirms the top of the neckline as new support it's very likely that btc will test the resistance area of 12.000.
If btc breaks the 12000 it would be a good start but I wouldn't call it a victory, just yet. The reason for this is because the area of 12000 to 13000 has the strongest resistance.
If btc is able to break that resistance area it's very likely that btc will test the previous highs.
I wouldn't open any long position at this time because in bearish times I like to protect my capital instead of risking my capital for a little bit of extra gains.
If BTC becomes bullish again, there is enough upside potential left to make massive gains.
Lets see and find out.
If you want to receive more ideas like these follow me and like my idea. If i get more than 10 likes i'll update this idea!.
Cheers
This is NOT advice. This is for information purposes only so trade on your own risk.
Although it is a breakout, the volume is a little bit on the low side so this could be considered as a uncertain breakout. The same thing could happen as happend with the previous breakout.
So we don't want to see btc go back into that grey channel. That would be very bearish because that would be proof that btc isn't able to create a decent break-out to the upside, at least for the time being. Bulls could lose their hope for a short term recovery.
What we would like to see is a break out above the neckline of the head and shoulders pattern. If it does and confirms the top of the neckline as new support it's very likely that btc will test the resistance area of 12.000.
If btc breaks the 12000 it would be a good start but I wouldn't call it a victory, just yet. The reason for this is because the area of 12000 to 13000 has the strongest resistance.
If btc is able to break that resistance area it's very likely that btc will test the previous highs.
I wouldn't open any long position at this time because in bearish times I like to protect my capital instead of risking my capital for a little bit of extra gains.
If BTC becomes bullish again, there is enough upside potential left to make massive gains.
Lets see and find out.
If you want to receive more ideas like these follow me and like my idea. If i get more than 10 likes i'll update this idea!.
Cheers
This is NOT advice. This is for information purposes only so trade on your own risk.
כתב ויתור
המידע והפרסומים אינם אמורים להיות, ואינם מהווים, עצות פיננסיות, השקעות, מסחר או סוגים אחרים של עצות או המלצות שסופקו או מאושרים על ידי TradingView. קרא עוד בתנאים וההגבלות.
כתב ויתור
המידע והפרסומים אינם אמורים להיות, ואינם מהווים, עצות פיננסיות, השקעות, מסחר או סוגים אחרים של עצות או המלצות שסופקו או מאושרים על ידי TradingView. קרא עוד בתנאים וההגבלות.