Good Day, Bitcoin Lovers
Note: I am very new to the steemit community, and this is my first post on bitcoin analysis at steemit. If you found any mistake in the article, please help me to correct because I am not very much familiar with this platform.
My name is Mati, I am Forex technical analyst, and I will provide bitcoin and gold technical analysis to this community.
Bitcoin Technical Analysis Using 4-Hour Price Chart
Bitcoin is trading in a symmetric triangle formation and making higher low and lower high price movement in 4-hour time frame chart.Price is becoming narrow, and this is the signal for the big move once the pattern is the break.
The minimum rising support level is 9930, and the resistance is at 12800-900 that mentioned in the chart below.
I am expecting a bounce from the physiological support towards the resistance level 12800-900.
The price will remain in the symmetric triangle range as long as it is respecting its support and resistance levels.
Bitcoin may touch 6000$ area if it breaks its support and the break confirmation is around 9200-300 area.
However, if price breaks its declining resistance of symmetric triangle, it could touch 17000$ level again.
I am sharing support and resistance levels with a movement diagram in the attached chart.
Bitcoin Support Area : 9930-50
Bitcoin Resistance 1 : 12800-900
Bitcoin Resistance 2 : 13500
Support Break Confirmation Zone : 9200-300
Resistance Break Confirmation Zone : 13600-700
Note : Never risk more then 5% of your total capital in any single trade and always trade with proper money management plan.
This is not an investment advise.These technical analysis are based on price action studies and for educational purpose only.
Feel free to comment below if you have any concern regarding charts and analysis.Your feedback is always welcome and helps me to improve.
You can also visit my blog to see the history of my analysis on Gold & Bitcoin
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