BTCUSD - Rebound ? Breakdown ? Rebound ? Repeat.
Hey guys ! Hard to predict the next medium term trend on BTCUSD but looking at the chart we can see that the price tries to react on 8400 level which is the support line of an uptrend H4 within a daily downtrend. Ok.
In H4 we notice an ascending channel which may predict a rebound until 10000. An invalidation of the strategy would be a fall of the price below 8250. In this scenario the downtrendtrend could continue until 7400 then 6500.
But looking at the probabilities, a rebound on 8500-8800 area is priviledged with a first target at 9400 which is the daily downtrend line resistance. Then a second target would be 10000 which is the resistance of the ascending channel H4.
In H4 we notice an ascending channel which may predict a rebound until 10000. An invalidation of the strategy would be a fall of the price below 8250. In this scenario the downtrendtrend could continue until 7400 then 6500.
But looking at the probabilities, a rebound on 8500-8800 area is priviledged with a first target at 9400 which is the daily downtrend line resistance. Then a second target would be 10000 which is the resistance of the ascending channel H4.
TP1: 7400
TP2: 6500