BTCUSD - 4hr Timeframe - Correcting for more downside
As of the last sessions,
BTCUSD
has had quite a strong movement to the downside. What matters, now, is that this movement to the downside was not only strong, but is also correcting itself, which would be a strong confirmation signal for more downside. It is yet unclear if the "abc" correction of the movement to the downside, in the form of a running flat, is finished (flat in yellow), or it is still playing out in a bigger structure (flat in dotted pink). If it forms a small flag on the 4hr timeframe, it will go for more downside now.
If, instead, it reverses to the upside, it is presumably going for the bigger flat. In both cases, more downside is certainly to be expected, on the most traded cryptocurrency, before the uptrend can resume it's trace.
If you feel that our analyses and views may be a useful complement to your trading strategies and in order to be notified in real time with our updates on the lower timeframes, please remember to click on the Follow button.
Remember that you can double check the bigger structures that are at play are on the weekly and daily time frames also by scrolling around the charts in the lower 4hr and 60min timeframes (right and left, up and down).
Trade with care and only with a backtested strategy that has proven to work in relation to your invested capital, risk appetite and potential small losses you might incur in before profiting from a good trade.
Thank you for viewing.
BTCUSD
has had quite a strong movement to the downside. What matters, now, is that this movement to the downside was not only strong, but is also correcting itself, which would be a strong confirmation signal for more downside. It is yet unclear if the "abc" correction of the movement to the downside, in the form of a running flat, is finished (flat in yellow), or it is still playing out in a bigger structure (flat in dotted pink). If it forms a small flag on the 4hr timeframe, it will go for more downside now. If, instead, it reverses to the upside, it is presumably going for the bigger flat. In both cases, more downside is certainly to be expected, on the most traded cryptocurrency, before the uptrend can resume it's trace.
If you feel that our analyses and views may be a useful complement to your trading strategies and in order to be notified in real time with our updates on the lower timeframes, please remember to click on the Follow button.
Remember that you can double check the bigger structures that are at play are on the weekly and daily time frames also by scrolling around the charts in the lower 4hr and 60min timeframes (right and left, up and down).
Trade with care and only with a backtested strategy that has proven to work in relation to your invested capital, risk appetite and potential small losses you might incur in before profiting from a good trade.
Thank you for viewing.
Comentário:
Although it could crawl down more, and possibly all the way to the 8000 area, it has already broken the low (A) of the first downward leg of the expanding flat it has, and that is sufficient for the flat to be completed.
