BTC Overall analysis on a 4hr time frame (uncertainty lingers)

19 thg 1, 2018

It has been 3 days since the black Tuesday crash, here is an analysis of the BTC chart on the 4hr time frame. Firstly, an overlap Fibonacci is plotted on the 2 major downtrend from the 2 highest peak. We find a strong support at 14k as both the 38.2 and 61.8 fib overlaps. Secondly, on the shorter time frame, over the past 2 days, the bulls are unable to break past the 38.2 fib levels at 12k and it has been in a consolidation period ranging between 11k-12k. Possible scenarios: break past 12k and test 14k, hit 12k and return back to the long-term 61.8 fib (red line) + downtrend support at 10.5k, or a bear flag that goes down to the long-term trend support at 8.8k (bear flag pattern, unlikely though). Overall picture still bearish and we will only go to the moon unless it breaks past the 15k mark.