BTCUSD possible directions.
Looking at this chart, BTC has clearly been in a downtrend, but the downtrend was broken by a momentum pushed to the upside. Three lower highs were broken and a new high was formed, but price came crashing down and broke a support level at 48018.12.
This fall came down to pick up orders from the range 46364 to 45598 and has been slowly going back up.
From the rime of posting this, the current 4H BTC candle needs to close above 48599 so it can rally back to the zone of new high previously created between 50000 and 51000. It would likely fall back to 48000 range and rally to 56000 area. The reason for this is because there is an imbalance on the chart that needs to be fulfilled. There is also an untested order block that needs to be filled.
If this last candle does not close above 48599, there is a very big possibility that it will most likely drop to the monthly low of 43000 in the coming month.
What are your thoughts?
This fall came down to pick up orders from the range 46364 to 45598 and has been slowly going back up.
From the rime of posting this, the current 4H BTC candle needs to close above 48599 so it can rally back to the zone of new high previously created between 50000 and 51000. It would likely fall back to 48000 range and rally to 56000 area. The reason for this is because there is an imbalance on the chart that needs to be fulfilled. There is also an untested order block that needs to be filled.
If this last candle does not close above 48599, there is a very big possibility that it will most likely drop to the monthly low of 43000 in the coming month.
What are your thoughts?
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