The "Big Move"? ~3750 holds, next support @ 3700 psychological
Many YouTubers and analysts have been talking about a big move coming for Bitcoin. Is this it? Or is it just the beginning? I think we will fall to at least retest 3500 if not re-establishing a bottom around 3200.
The bulls simply did not have enough momentum and follow through around 4000. Furthermore we are overbought on the daily RSI. Volume is decreasing again and the MACD on the daily is yet soon to turn bearish. As for catalysts, there are none coming that I know of with any certainty. Most importantly, we have yet to consistently make higher highs and higher lows, so WE ARE STILL IN A BEAR MARKET until we can do so, above 4000 for more than just a day or two.
3735-3750 has been a strong point of support, with the price often bouncing off and up quickly. 3750 is marked by the top of the green ichimoku cloud on the 4hr which is to the left of the red arrow. 3700 has also been tested and has held as support in the past quite a few times. In this chart the yellow lines are support / resistance, the white line indicates the 3700 price level. After that we have support at 3650, 3550 and then 3500. After that is a precipice of with only one weak support line until we fall to 3330. Below this area is where I will buy in stages (cost averaging) if we plunge back there.
Unless the price moves down again rapidly in the next half hour, I will likely be leaving my stop loss around 3540.
P.S. Yes this is the 4 hour BTC/USDT chart. After regaining my faith in Tether and again using it again as the base currency in my SL and "Short Cover" on 3Commas, I find it most convenient.
P.S.S. This is just my second publishing something on TradingView and I'm not sure I've attached the right charts and whatnot so take it easy on me ;-)
https://www.tradingview.com/x/PfIufiS9/
The bulls simply did not have enough momentum and follow through around 4000. Furthermore we are overbought on the daily RSI. Volume is decreasing again and the MACD on the daily is yet soon to turn bearish. As for catalysts, there are none coming that I know of with any certainty. Most importantly, we have yet to consistently make higher highs and higher lows, so WE ARE STILL IN A BEAR MARKET until we can do so, above 4000 for more than just a day or two.
3735-3750 has been a strong point of support, with the price often bouncing off and up quickly. 3750 is marked by the top of the green ichimoku cloud on the 4hr which is to the left of the red arrow. 3700 has also been tested and has held as support in the past quite a few times. In this chart the yellow lines are support / resistance, the white line indicates the 3700 price level. After that we have support at 3650, 3550 and then 3500. After that is a precipice of with only one weak support line until we fall to 3330. Below this area is where I will buy in stages (cost averaging) if we plunge back there.
Unless the price moves down again rapidly in the next half hour, I will likely be leaving my stop loss around 3540.
P.S. Yes this is the 4 hour BTC/USDT chart. After regaining my faith in Tether and again using it again as the base currency in my SL and "Short Cover" on 3Commas, I find it most convenient.
P.S.S. This is just my second publishing something on TradingView and I'm not sure I've attached the right charts and whatnot so take it easy on me ;-)
https://www.tradingview.com/x/PfIufiS9/
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