Hi friends! Welcome to this update analysis on bitcoin! Let’s get right to it! Looking at the four hour chart, you can see that was not able to stay above the pink . If you recall from yesterday’s analysis, I had introduced the possibility that could rally to the 50 , since it was above the , and then it could have proceeded to form an , if a series of conditions unfolded. However, as you can see on the chart, has broken back down into the . Additionally, tried to rally back above the channel, about eight hours ago, and failed. So, now that is back inside of the , the likelihood of a test of the 50 has been reduced. Therefore, the probability of an inverted pattern has also become less likely.
From a technical standpoint, all has done so far, is print another lower high on the chart. Now, there’s still a chance that could rally back above the , to test the 50 from the (in orange.) However, we’re also printing what appears to be a inside of the . So, for now, we will have to see how price progresses. If we stay inside of the , the bias is to the downside. If gets back above it, then a test of the 50 would be expected. For now, let’s forget about the possibility of an inverted pattern, lets focus specifically on BTC’s action inside of this channel.
Happy Holidays Everyone!
I’m the master of the charts, the professor, the legend, the king, and I go by the name of Magic! revoir.
***This information is not a recommendation to buy or sell. It is to be used for educational purposes only.***
-JD-
Published at Sat, 22 Dec 2018 16:24:07 +0000
