- February 7, 2021
- Posted by: Tradingshot Articles
- Category: Cryptocurrency
This is a sub-reference that I’ve posted on my previous Bitcoin study, but I will go into slightly more detail today due to the popular demand I’ve been receiving with your messages.
This weekend BTC broke above the Lower Highs Zone but got rejected exactly at the top of the emerging Channel Up. The very same rejection took place during the last time that BTCUSD broke above a Lower Highs trend-line and that was in October 2020. As you see on the right chart, the price got rejected at the top of its Channel Up and then pulled back to the MA50 on the 4H time-frame (blue trend-line), seeking confirmation. The fact that this happened after the Lower Highs Zone broke (which meant that the bearish trend got invalidated), accumulated buyers quickly on the 4H MA50, and a new Bullish Sequence was initiated lasting until the next mini consolidation phase in late November-early December.
Right now Bitcoin is pulling back, following the Channel Up top rejection, towards the 4H MA50. Since the Lower Highs Zone broke, will the 4H MA50 or MA200 be enough to accumulate new buyers? Is so then this may be the last confirmation we need before the 50k test. What do you think?
Feel free to share your work and let me know in the comments section!
Please like, subscribe and share your ideas and charts with the community!
!! Donations via TradingView coins also help me a great deal at posting more free trading content and signals here !!
🎉 👍 Shout-out to TradingShot’s 💰 top TradingView Coin donor 💰 this week ==> TradingView