The king of all cryptos is still in a corrective structure and all we do watch for, is the sweet level where this long-term correction may end, so we join the new upcoming upmove. Using median line analysis in the 4h chart I highlight two potential levels where price may find support and reverse.
First the median line of the pitchfork. It has previously acted as both support and resistance so it has a very good potential to act as support once again.
Second the sliding parallel of the median line. At the same level as the lower quartile of the set it has previously acted as support each time price tested it.
Personally I will watch for a buy setup completion in case price reaches each of these levels. It's pretty obvious that the best option would be to buy Bitcoin at the lower sliding parallel at around $4K - $4,5K. The less expensive the more we buy :)
I will update this post so like and follow to get the updates.
All the best,
John
First the median line of the pitchfork. It has previously acted as both support and resistance so it has a very good potential to act as support once again.
Second the sliding parallel of the median line. At the same level as the lower quartile of the set it has previously acted as support each time price tested it.
Personally I will watch for a buy setup completion in case price reaches each of these levels. It's pretty obvious that the best option would be to buy Bitcoin at the lower sliding parallel at around $4K - $4,5K. The less expensive the more we buy :)
I will update this post so like and follow to get the updates.
All the best,
John