BTC/USD: The Weekly Bull Retest. Is 45k next?.
The general thesis of this multi-timeframe analysis is that BTC broke out of weekly range namely resistance at $ 38k with previous week's close, and now intraday timeframes might gift us risk defined setups for entry at $37,400 towards daily and weekly target at resistance ($45,000) (+19.75%).
As seen above, the daily chart suggests that BTC was unable to maintain itself above $39k closing back below it and afterwards retesting it to the downside. This might be a daily and intraday bearish sign, but not after considering that on a larger scale, price is actually just retesting to continue upwards, which may catch many traders dismissing the weekly facts on the wrong side, leading to a more aggressive breakout when short traders are forced to close their intraday and daily shorts.
Finally, the possibility that $ 37,400 acts as the perfect support and entry point that converges with Fibonacci and with the trend of the previous triangle is explored, never forgetting that the cherry on the cake is actually market structure, which now continues to make higher highs and higher lows in 4H and 1D.
Not financial advice.
Trade at your own risk.
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As seen above, the daily chart suggests that BTC was unable to maintain itself above $39k closing back below it and afterwards retesting it to the downside. This might be a daily and intraday bearish sign, but not after considering that on a larger scale, price is actually just retesting to continue upwards, which may catch many traders dismissing the weekly facts on the wrong side, leading to a more aggressive breakout when short traders are forced to close their intraday and daily shorts.
Finally, the possibility that $ 37,400 acts as the perfect support and entry point that converges with Fibonacci and with the trend of the previous triangle is explored, never forgetting that the cherry on the cake is actually market structure, which now continues to make higher highs and higher lows in 4H and 1D.
Not financial advice.
Trade at your own risk.
🚀LIKE AND SHARE IF YOU FIND IT USEFULL🚀
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Game is ooon! BTC reached our entry level at $37,400 a minute ago.