A week ago I did an analysis on bitcoin price and pondered if there was a resistance in the 24-25K area.
In that post I brought up a 4 hours chart to share what I was seeing.
I will post a 4 hour chart below of current day and we'll see the answer has come...
BTC Sellers Step In
Looking at the chart above you can see price made multiple attempts to push through 25K but just couldn't do it.
After several failed attempts it comes as no surprised that price finally got hit with a sell off.
There is some possible support around 21k when looking at the 4 hour chart, realistically though the 20K area is the true downside support.
You can see the blue trendline on the chart above that lays over from the daily chart.
Clarity on the Daily
Looking at the daily everything looks much more muted and pretty clear on the nearest upside and downside targets
The price of bitcoin is down roughly 8% for the day as I write this and I barely noticed. That is crypto for you, 10% moves in a day are not out of the norm.
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Glad to see your chart work, looks a lot cleaner than mine, I'm still learning basics, but I tend to use the daily on BTC, although I suppose since it trades 24/7, I would use the 4H IF I were trading. Is there any particular reason you use the 4H or is it just personal preference for charting BTC and crypto?
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Some TA traders are still predicting 10k Bitcoin. What do you think? While anything is possible will a stock crash now tank Bitcoin further or will it show some strength?
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13,800 is my "oh shit" target.
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$13,800 is my "oh shit" target, too.
$3800 is my "sell everything and go all-in" target ;D
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LOL
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