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BTC Update Hour Chart
The continuation correction wedge pattern is more evident in the 4-hour chart. The price was recently knocked back from the upper trendline and has fallen to the lower boundary of the wedge. There are no signs of strength in the price action showing.
However, each expansion move accompanies continuation corrections. The 61.8% level of the Fibonacci indicator is currently located at approximately $22.5K. As a result, the price might form a pullback to the 61.8% Fib level and begin the next bearish rally.
Nonetheless, there are three critical points to watch; the $21K and the $18K levels, which would provide significant support to the price, and the $22.5K resistance level. This is the main barrier for Bitcoin in the $20K-$25K price range.
Remember:-This is not a piece of financial advice. All investment made by me is at my own risk and I am held responsible for my own profit and losses. So, do your own research before investing in this trade.
Sorry for my English it is not my native language.
Do hit the like button if you like it and share your charts in the comments section.
Thank you
BTC Update Hour Chart
The continuation correction wedge pattern is more evident in the 4-hour chart. The price was recently knocked back from the upper trendline and has fallen to the lower boundary of the wedge. There are no signs of strength in the price action showing.
However, each expansion move accompanies continuation corrections. The 61.8% level of the Fibonacci indicator is currently located at approximately $22.5K. As a result, the price might form a pullback to the 61.8% Fib level and begin the next bearish rally.
Nonetheless, there are three critical points to watch; the $21K and the $18K levels, which would provide significant support to the price, and the $22.5K resistance level. This is the main barrier for Bitcoin in the $20K-$25K price range.
Remember:-This is not a piece of financial advice. All investment made by me is at my own risk and I am held responsible for my own profit and losses. So, do your own research before investing in this trade.
Sorry for my English it is not my native language.
Do hit the like button if you like it and share your charts in the comments section.
Thank you
