Hello traders,
Just a little update on Bitcoin, the consolidation area which was mentioned last week is holding well, but it looks like its coming to an end and we might witness a breakout soon.
As you can see on this 4 hour time-frame, the current price action is literally mimicking the previous breakout, by forming sort-of double tops and then exploding to the upside.
I mentioned 8200 on prior analysis as a crucial level of resistance from where we had few pullbacks, and upon breakout it had to be retested, which seems what's bitcoin is doing now. We had the breakout of the level which took us to around 9000, and then immediately reversed to retest 8200 this forming an inner trend-line.
As of right now, I believe bitcoin going for that last stop hunt wick at around 8350-8400 which confluences with the trend-line before exploding to the upside, taking us to 9200-9600.
Just a little update on Bitcoin, the consolidation area which was mentioned last week is holding well, but it looks like its coming to an end and we might witness a breakout soon.
As you can see on this 4 hour time-frame, the current price action is literally mimicking the previous breakout, by forming sort-of double tops and then exploding to the upside.
I mentioned 8200 on prior analysis as a crucial level of resistance from where we had few pullbacks, and upon breakout it had to be retested, which seems what's bitcoin is doing now. We had the breakout of the level which took us to around 9000, and then immediately reversed to retest 8200 this forming an inner trend-line.
As of right now, I believe bitcoin going for that last stop hunt wick at around 8350-8400 which confluences with the trend-line before exploding to the upside, taking us to 9200-9600.
