Potential Support Areas For Bitcoin!

Potential Support Areas For Bitcoin!

Hi Everybody welcome to this brand-new analysis!

In my previous analysis I mentioned: It would be healthier if we retraced back to the breakout zone (probable support boxes) at around 4400-4168.

I still stand by those targets, but I also see potential support areas forming around the $4850 area, with the 0.382 retracement + daily 20 EMA sitting there. A little lower we have the 0.5 retracement + 200 EMA currently around $4670. We will see if we get any bullish price action reaction around those 2 areas, with some bullish divergences and volume! I’m still leaning to the bearish side because the past few days showed a lot of weakness.

Almost a week after the bull trap, we are forming a potential right shoulder (or already formed it), to complete a big head and shoulders pattern which would be invalidated around the 5348-5480 area, this pattern has a target of approximately $4200. This is also the area we broke out of after 4 months, for me that would be the perfect support resistance flip. But we will see by the time price gets there, we can also see a retest of 3k or making a lower low.
I am personally still in short positions on big cap alt coins opened last Wednesday and yesterday!

In the future (May) I will post more ideas on my live margin trades on alt coins, so stay tuned!

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Published at Tue, 16 Apr 2019 12:55:53 +0000

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