Hello!
As in my previous posts, I have my overall view on BTC as bearish. The move up was very fierce and i actually thought we had potential to break out of this yellow channel, however the smaller time frames broke that thought.
LETS GET TO IT!
We can see here that the yellow channel is in tact on the 4h. 4 strong touches on the top channel and three touches on the bottom labeled in light blue. This upwards movement was broken by the red trendline and has created a new trendline labeled in light blue.
I believe we will see a bearish week here with targets in the mid 6k where my overall view on bitcoin is originally headed. Please see my first post to refer what i am talking about.
A possibility to go below 6k is very possible. On the monthly chart i have targets of 4.8k, but we will play it by day.
As in my previous posts, I have my overall view on BTC as bearish. The move up was very fierce and i actually thought we had potential to break out of this yellow channel, however the smaller time frames broke that thought.
LETS GET TO IT!
We can see here that the yellow channel is in tact on the 4h. 4 strong touches on the top channel and three touches on the bottom labeled in light blue. This upwards movement was broken by the red trendline and has created a new trendline labeled in light blue.
I believe we will see a bearish week here with targets in the mid 6k where my overall view on bitcoin is originally headed. Please see my first post to refer what i am talking about.
A possibility to go below 6k is very possible. On the monthly chart i have targets of 4.8k, but we will play it by day.