[Long-Term Hodlers Analysis] Waiting for a lower price entry.
This is a follow-up from previous day BTC analysis.
From a daily timeframe view, we have seen solid red candle bodies with substantial trading volume backing it's movement.
From a 4-hourly timeframe view, we can observe short-term seller exhaustion.
As such, in the coming hours, we are likely to observe price retesting 48700 ~ 49300 levels.
Depending on the outcome, we can determine if the price has the momentum to retest 50000 level or drop towards 43200 level.
Based on my observation and opinion, a short-term downwards consolidation is likely going happen.
Even if it test 50000, the probability of a reversal still seems more likely.
My first buy order is set at 43200 to capture dropping price, if it happens.
You may check out my YouTube link below for video rundown of the above analysis.
From a daily timeframe view, we have seen solid red candle bodies with substantial trading volume backing it's movement.
From a 4-hourly timeframe view, we can observe short-term seller exhaustion.
As such, in the coming hours, we are likely to observe price retesting 48700 ~ 49300 levels.
Depending on the outcome, we can determine if the price has the momentum to retest 50000 level or drop towards 43200 level.
Based on my observation and opinion, a short-term downwards consolidation is likely going happen.
Even if it test 50000, the probability of a reversal still seems more likely.
My first buy order is set at 43200 to capture dropping price, if it happens.
You may check out my YouTube link below for video rundown of the above analysis.
YouTube Channel: TraderDex
