Hello fellow #steemians
As continuation of yesterday's update, I'll give you my point of view of what to expect in the next hours for #bitcoin.
I usually don't take analysis on such a volatile asset in less than a 4hr period, this is because in between the trend isn't well stablished.
For a higher time frame expectation on how it will behave, you can find my post here:
https://steemit.com/hive-119463/@mycryptostalker/btc-starting-march
Now we will start with the daily chart:
https://www.tradingview.com/x/IiaQY3EJ/
Here we can see that March started with a #bullish candle, but still unable to break previous resistance at $24,000 area.
The low of the day was $23,000 area and now we near the 0.618 support.
https://www.tradingview.com/x/YlQMyyRW/
For a bullish continuation, we usually expect a retrace up to a 0.50 but now we are making the lower wick of the daily candle. That is why we need to take a closer look into lower timeframes.
If we see the 4hr chart we can expect these 3 scenarios:
https://www.tradingview.com/x/T2za7Hwy/
THE X IS A NO TRADE ZONE - you can go to lower time frames like 1 hr and trade the range, but until the highs or lows are broken that is just gambling.
1.- Breaking previous day resistance and heading to $24,500-$25,000 USD again.
2.- Testing previous day support, and going up again.
3.- Breaking previous day support and heading down to previous supports.
We are still to early into the month and we are still in the higher time frame range, so remember... buy low, sell high - DON'T BUY into the highs!
This is my personal opinion and not a trade recommendation, always do your own research and THIS IS NOT FINANCIAL ADVISE!
PLEASE COMMENT, GIVE ME YOUR POINT OF VIEWS, RE STEEM AND SHARE!