Bitcoin a RollerCoaster ride. Whats next?
Updated
Let’s take a journey through Bitcoin’s recent price action on the H4 chart. If you’re new to trading or just curious, this post will walk you through what’s happening – step by step, bar by bar. Let’s make sense of this wild ride together! 🚀
1. What’s the Big Picture?
The market shows an uptrend with a sequence of Higher Highs (HH) and Higher Lows (HL). This suggests bulls are in control.
Support Levels:
Bar 1 and Bar 12: Around $96,000, forming a strong support zone.
Bar 4: $88,000, the key swing low.
Resistance Levels:
Bar 14: $97,700, which may act as a ceiling unless broken decisively.
2. Key Patterns
Measured Move (MM): Distance from Bar 4 ($88,000) to Bar 9 ($96,000) is $8,000. Adding this to the breakout level around $96,000 gives a potential target of around $104,000.
Inside Bars: Bar 10 consolidates within Bar 9’s range, showing indecision before the next breakout.
Exhaustion Gap: The movement to $98,000 (Bar 14) hints at potential exhaustion as momentum slows.
3. Bull and Bear Cases
Bullish Case:
If price breaks above $98,000, the target becomes $104,000 (Measured Move from Bar 4 to Bar 9).
Probability: 65%, given the series of Higher Highs and Higher Lows.
Bearish Case:
A break below $96,000 could lead to a test of $94,000 or even $92,000.
Probability: 35%, as the current structure favors bulls.
5. Trading Setups
Long Setup:
Entry: Above $98,000 (Bar 14 high).
Stop-Loss: Below $96,000 (Bar 12 low).
Target: $104,000 (MM projection).
Short Setup:
Entry: Below $96,000 (Bar 12 low).
Stop-Loss: Above $98,000 (Bar 14 high).
Target: $92,000 (intermediate support).
Measured Move (MM): This is a way to project future price levels by measuring the size of a previous move and applying it to the next potential breakout.
Higher Highs (HH) and Higher Lows (HL): These are building blocks of an uptrend. Each HH shows increasing bullish strength, while each HL confirms buyers’ dominance.
Do you think Bitcoin will push through $98,000 and head toward $104,000? Or is this the beginning of a pullback? Share your thoughts in the comments! Let’s discuss and learn together!
1. What’s the Big Picture?
The market shows an uptrend with a sequence of Higher Highs (HH) and Higher Lows (HL). This suggests bulls are in control.
Support Levels:
Bar 1 and Bar 12: Around $96,000, forming a strong support zone.
Bar 4: $88,000, the key swing low.
Resistance Levels:
Bar 14: $97,700, which may act as a ceiling unless broken decisively.
2. Key Patterns
Measured Move (MM): Distance from Bar 4 ($88,000) to Bar 9 ($96,000) is $8,000. Adding this to the breakout level around $96,000 gives a potential target of around $104,000.
Inside Bars: Bar 10 consolidates within Bar 9’s range, showing indecision before the next breakout.
Exhaustion Gap: The movement to $98,000 (Bar 14) hints at potential exhaustion as momentum slows.
3. Bull and Bear Cases
Bullish Case:
If price breaks above $98,000, the target becomes $104,000 (Measured Move from Bar 4 to Bar 9).
Probability: 65%, given the series of Higher Highs and Higher Lows.
Bearish Case:
A break below $96,000 could lead to a test of $94,000 or even $92,000.
Probability: 35%, as the current structure favors bulls.
5. Trading Setups
Long Setup:
Entry: Above $98,000 (Bar 14 high).
Stop-Loss: Below $96,000 (Bar 12 low).
Target: $104,000 (MM projection).
Short Setup:
Entry: Below $96,000 (Bar 12 low).
Stop-Loss: Above $98,000 (Bar 14 high).
Target: $92,000 (intermediate support).
Measured Move (MM): This is a way to project future price levels by measuring the size of a previous move and applying it to the next potential breakout.
Higher Highs (HH) and Higher Lows (HL): These are building blocks of an uptrend. Each HH shows increasing bullish strength, while each HL confirms buyers’ dominance.
Do you think Bitcoin will push through $98,000 and head toward $104,000? Or is this the beginning of a pullback? Share your thoughts in the comments! Let’s discuss and learn together!
Trade closed: target reached
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