Looking at BTC on the 4hr chart, we can see it continues to be in our upwards channel, bouncing PERFECTLY off of the bottom of the channel/horizontal support at $16,750.
Right now I'm expecting it to continue upwards and retest the previous resistance of $17,167 (red line) which also coincides with the 200 EMA a little higher at $17,300. If it breaks both of those levels, we're going to $17,640.
If Bitcoin can't break the $17,167 level, then I'm expecting it to come back down to $16,736 and if that breaks then unfortunately we're going to $15,900 (next major support).
I'm also watching the Wave Fusion indicator for any major signals that coincide with said support/resistance levels.
If you enjoyed my TA or have any questions about it or the indicators used, please leave a comment below or send me a PM :)
Check out my profile for other indicators and trading alpha! Thanks for reading!
Right now I'm expecting it to continue upwards and retest the previous resistance of $17,167 (red line) which also coincides with the 200 EMA a little higher at $17,300. If it breaks both of those levels, we're going to $17,640.
If Bitcoin can't break the $17,167 level, then I'm expecting it to come back down to $16,736 and if that breaks then unfortunately we're going to $15,900 (next major support).
I'm also watching the Wave Fusion indicator for any major signals that coincide with said support/resistance levels.
If you enjoyed my TA or have any questions about it or the indicators used, please leave a comment below or send me a PM :)
Check out my profile for other indicators and trading alpha! Thanks for reading!
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