Hello, everyone!
Today it’s time to take a look at the local timeframe using the classical TA tools. You know that the Bitcoin have to reach the zone between $15k and $17k. Today we will try to understand how it could happen.
Let’s take a look at the 4h timeframe BTCUSDT chart of the WhiteBit exchange. The price today is showing the small pump, but I think it’s the bull trap. Look at the broken earlier local trendline. It could be retested in the next couple of days, but it would be the nice entry point into the short position. There are to much resistance above. First of all the trendline retest can coincide with the Fibonacci golden pocket and the bottom CPR for the October month. You know that I don’t like to use horizontal support and resistance in my analysis, but monthly CPR proved it’s consistence. Moreover the central CPR coincides with strongest supply zone at $20200. I don’t think that the Bitcoin will be able to overcome all these resistances.
In conjunction with the Elliott waves analysis from the previous BTC analysis we can conclude that it will drop. The first target is -0.618 Fibonacci extension. But the most probable target is the S1 monthly pivot. It would be enough for the insane long to touch S1 with the squeeze. Prepare your bags!
Best regards, Ivan
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