BITCOIN BACK TEST OR BREAK DOWN? BTC (12H CHART) 🔴 HIGH RISK
Bitcoin will continue to struggle between Resistance Level of 21 Week Moving Average and Support Level of 34 Week Moving Average. Bulls will be hoping this is a back test of the blue consolidation channel. Bears will be hoping price falls and breaks support causing price to fall further and fill the wick created on December 4, 2021.
Risk level is high and trading will choppy be choppy between resistance and support.
BREAKOUT LEVEL = $53,500
BREAK DOWN LEVEL = $46,500
TradingView public Indicators appearing on this chart:
► Triple Power Moving Average by @Nico.Muselle
► Yearly+Monthly Pivots by @raghavsingh
► Moving Average Convergence Divergence by TradingView
🔴 Monthly Pivot Point
🔴 100 Hour Moving Average
🔴 50 Day Moving Average
🔴 21 Week Moving Average
🟢 34 Week Moving Average
🟢 Moving Average Convergence Divergence
NOTE: House Rules do not allow ideas to be published with Invite-only scripts.
Risk level is high and trading will choppy be choppy between resistance and support.
BREAKOUT LEVEL = $53,500
BREAK DOWN LEVEL = $46,500
TradingView public Indicators appearing on this chart:
► Triple Power Moving Average by @Nico.Muselle
► Yearly+Monthly Pivots by @raghavsingh
► Moving Average Convergence Divergence by TradingView
🔴 Monthly Pivot Point
🔴 100 Hour Moving Average
🔴 50 Day Moving Average
🔴 21 Week Moving Average
🟢 34 Week Moving Average
🟢 Moving Average Convergence Divergence
NOTE: House Rules do not allow ideas to be published with Invite-only scripts.