Looking at the 4-hour time frame we can see that Bitcoin rejected off of the resistance level at $44,854 and is heading back down going into the new weekly candle.
Bitcoin looks like its going to paint the bottom wick of the new weekly candle around $40,707 - $41,337 before going back upwards again.
This is a 1st touch rejection and does not mean the bull run / momentum is over, this is a small correction offering investors and traders to place longs at a lower entry price.
I do believe we're going to see a backtest of this channel around $42,000 as well as a wick off of $41,37 & $40,707.
Doing my best to keep y'all updated, check my crypto chat for real time updates.
Cheers
As always please do your own research, I am not a financial advisor.
Bitcoin looks like its going to paint the bottom wick of the new weekly candle around $40,707 - $41,337 before going back upwards again.
This is a 1st touch rejection and does not mean the bull run / momentum is over, this is a small correction offering investors and traders to place longs at a lower entry price.
I do believe we're going to see a backtest of this channel around $42,000 as well as a wick off of $41,37 & $40,707.
Doing my best to keep y'all updated, check my crypto chat for real time updates.
Cheers
As always please do your own research, I am not a financial advisor.
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