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Consecutive rejections on the 4H Lower High Resistance. Still sh
After yet another test of the 5,700 support (5,782.90 the daily bottom so far) as BTCUSD broke the 6,000 threshold again on a very bearish 4H candle (MACD = -94.900, B/BP = -375.0363). See how the 4H Channel Down (Highs/Lows = -149.1254) is unfolding with multiple Lower High Resistance rejections and the recurring Inverter Head and Shoulder patterns that lead to aggressive fallouts. The plan is intact with TP = 5,617.4 (1W EMA100) and new Lower Low for the 1D Channel Down (RSI = 32.712, Highs/Lows = -284.2797) near 5,373.50.
On a more long term perspective, the 1W candle is already below -4.00%, making it the fourth bearish week in a row and seventh in the last eight weeks. The monthly candle will also close in red (-21.17% currently), making it the second bearish in a row and third in the last four for BTC. Monthly shows that once the MA20 period (5,162.20 - 5.860.30) is compromised, it will lose its neutral status (RSI = 52.569, CCI = -2.3517, Highs/Lows = 0.000) it held since the logarithmic rise on 1,240.50 and will steadily test the MA50 (2,314.10 - 3,387.0) in the next 6 months, before the new bullish cycle on Bitcoin commences. On the medium term, 4,565.1 (1W SMA100) is the targeted extension.
On a more long term perspective, the 1W candle is already below -4.00%, making it the fourth bearish week in a row and seventh in the last eight weeks. The monthly candle will also close in red (-21.17% currently), making it the second bearish in a row and third in the last four for BTC. Monthly shows that once the MA20 period (5,162.20 - 5.860.30) is compromised, it will lose its neutral status (RSI = 52.569, CCI = -2.3517, Highs/Lows = 0.000) it held since the logarithmic rise on 1,240.50 and will steadily test the MA50 (2,314.10 - 3,387.0) in the next 6 months, before the new bullish cycle on Bitcoin commences. On the medium term, 4,565.1 (1W SMA100) is the targeted extension.
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Over 65% accuracy on Private Signals Channel.
Over 15% return monthly on our Account Management Plan.
Account RECOVERY services.
Free Channel: t.me/investingscopeofficial
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