BTC is approaching critical levels amidst imminent events—the SEC's decision on a Spot ETF, the Fed's stance on interest rate cuts in 2024, and the 4th halving in April.
Let's take a look at the chart, here's the breakdown of key support/resistance levels I'm closely monitoring:
- On the 4H TF: BTC is navigating within a compact rising channel.
- Zooming into the Daily TF: BTC remains within a substantial upward channel originating in January 2023, currently hovering near the resistance trendline.
- Examining the Weekly TF: Strong horizontal resistances stand at $48000 and $52000
While I lean towards a corrective phase in the months ahead (see links below), the short-term trajectory of BTC is poised to be both highly unpredictable and potentially aggressive.
I'll update gradually chart/view with new data.
Disclaimer:
This analysis is based on my personnal views and is not a financial advice. Risk is under your control.
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In my opinion, it's too risky to trade the next days. It's like a 50-50 game
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BTC broke the local channel and is heading the upper trendline of the bigger channel
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Fake tweet on ETF approval spiked BTC prices to 48000 (but quickly rejected). Price is retesting the local channel (4H TF)
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It's possible that BTC becomes weaker and being rejected by the trenline after failling breaking it. Be attention with LONGs.
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From a bigger view, BTC is touching the resistance trendline of a channel starting from begining of 2023. Prices going down is more likely in my opinion:
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The rejection and drop are much more agressive than I expected by as I mentionned above 48000 is a strong resistance. Now price is at EMA50D and also at the support trenline of a channel. They should hold. Let's see
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The EMAD has hold for almost a week but today, it's broken.
The next target is the support trendline of the channel Jan 2023. I expect that BTC will touch it at around $34000-$35000. Pull back is likely to happen here.
But this level need to be watched carefully. The stronger support is actually the Long-term trendline since 2019.
The next target is the support trendline of the channel Jan 2023. I expect that BTC will touch it at around $34000-$35000. Pull back is likely to happen here.
But this level need to be watched carefully. The stronger support is actually the Long-term trendline since 2019.
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The EMA50D was retested and this retest was confirmed (rejected). Prices are moving the the lower trendline (black continous one)
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BTC has bounced and is now facing by the Fib 0.5.
Rejection here or higher (at Fib 0.618) would be expected.
My short-term target is still $34000 area
Rejection here or higher (at Fib 0.618) would be expected.
My short-term target is still $34000 area
