BTC is approaching critical levels amidst imminent events—the SEC's decision on a Spot ETF, the Fed's stance on interest rate cuts in 2024, and the 4th halving in April.
Let's take a look at the chart, here's the breakdown of key support/resistance levels I'm closely monitoring:
- On the 4H TF: BTC is navigating within a compact rising channel.
- Zooming into the Daily TF: BTC remains within a substantial upward channel originating in January 2023, currently hovering near the resistance trendline.
- Examining the Weekly TF: Strong horizontal resistances stand at $48000 and $52000
While I lean towards a corrective phase in the months ahead (see links below), the short-term trajectory of BTC is poised to be both highly unpredictable and potentially aggressive.
I'll update gradually chart/view with new data.
Disclaimer:
This analysis is based on my personnal views and is not a financial advice. Risk is under your control.
Nota
In my opinion, it's too risky to trade the next days. It's like a 50-50 gameNota
BTC broke the local channel and is heading the upper trendline of the bigger channelNota
Fake tweet on ETF approval spiked BTC prices to 48000 (but quickly rejected). Price is retesting the local channel (4H TF)Nota
It's possible that BTC becomes weaker and being rejected by the trenline after failling breaking it. Be attention with LONGs.Nota
From a bigger view, BTC is touching the resistance trendline of a channel starting from begining of 2023. Prices going down is more likely in my opinion:Nota
The rejection and drop are much more agressive than I expected by as I mentionned above 48000 is a strong resistance. Now price is at EMA50D and also at the support trenline of a channel. They should hold. Let's see Nota
The EMAD has hold for almost a week but today, it's broken.The next target is the support trendline of the channel Jan 2023. I expect that BTC will touch it at around $34000-$35000. Pull back is likely to happen here.
But this level need to be watched carefully. The stronger support is actually the Long-term trendline since 2019.
Nota
.Nota
The EMA50D was retested and this retest was confirmed (rejected). Prices are moving the the lower trendline (black continous one)Nota
BTC has bounced and is now facing by the Fib 0.5.Rejection here or higher (at Fib 0.618) would be expected.
My short-term target is still $34000 area
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Penerbitan berkaitan
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.