BITSTAMP:BTCUSD
Hello everyone 😃
BTC is at very important level now. MA50 ( 4hours TF ) is holding movement from below and MA50 ( Daily TF ) is controlling movement from above.
So next hours will be very important for bulls to use MA50 ( 4hours TF ) to hold their lead on BTC !
Based on CME information :
CME institutional are still very confident in the bear market, and they gained even more shorts last week, which are almost 3 times more than longs.
Now Based on sentimental analysis; Market makers will try to take advantage of this status on mid week;
So there is a chance to have a quick liquidity event specially on BTC which is going to be so quick to shake weak hands one more time…
And it will cause a bull trap by doing this and then we may see more volatility on both sides and so; Day traders will try to cash out of BTC to see what will happen on market !
In continue we’ll see a rejection on MA50 ( 4hour TF ); Because of recent cash outs !
We mentioned 3 types of vision on BTC ( Technical – Fundamental, Information – Sentimental ).
After all the proper vision is for price action.
There is a resistance zone ( 56750$ – 56300$ ) which formed because of master candle’s shadow ( on 15mins TF ) and order block on recent retest on current level.
So we expect a rejection here and below lower yellow zone ( 54400$ – 54000$ ) will confirm that bears are taking the lead !
BTC don’t have enough volume to have a huge volatility in minor directions; And cause of this reason, Major lines will select the direction for BTC !
Now there is a major support line ( in low TF – 1hour’s chart ) at 52300$; It’s formed at the bottom of a gravestone DOJI candle. /”
In continuation; If 52300$ failed to hold BTC , Then we may see a engulf formation on movement and make lower our targets to lower support zone ( 49500$ – 49150$ ).
Also this support zone has formed because of master candle’s shadow.
⚠ This setup is not suggested to in bull market; But in current situation with current BTC’s dominance rate.
It’s highly possible for BTC to act as our plan !
🔴 Any 4H close above 57450$ can invalidate this trading plan.
📌 The most important scales are moving averages; It seems that they are forming a triangle in continuation of their movement.
Hope you enjoyed our analysis about BTC’s possible rejection🙌 You can support us with your likes.
Also you can share your opinion with us in comments 😉🙋🏼♂️
Attention: this isn’t financial advice we are just trying to help people on their own vision.
Have a good day!
@Helical_Trades