BTC/USD
- Bitcoin has a bull run off the back of an oversold RSI(H4) but has now met resistance around $4,600
- This may be a bull trap before price violently extends lower
- All bears have their eyes on the $2,600 - $2,900 blue box which is also within the 78.6% - 61.8% fibs
- Key resistance must break soon or Bitcoin may be in for a rough month
Zooming in we can see the key resistance level is $4,593 - $4,631 (top blue box)
If price doesn't break above this key level soon, we expect the down arrows to play out.
Likewise, our key support levels are $3,935 and $3,773
If price breaks below these levels, expect the bears to push towards the 61.8% fibs.
Keep your eyes on the channel and draw these key levels onto your charts so you guys can be up-to-date on the state of Bitcoin
Happy Trading!
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All information is presented for educational purposes only and does not constitute financial advice
I hope it lowers, before going to 10k ;)
Selling alts into BTC!
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4600 again?! Damn. I wasn't fast enough.
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