$BTC 4H

For several days now, Bitcoin has been “shaving” quite strongly in all directions, before the true movement to 40400+ or ​​34000-.

My vision of the situation 🔎

As I said, against the backdrop of accumulated “positive” (after which the price was pulled down), we will see a correction before going up. This could be a correction to 33500-34100, maybe to 31800-32100, it’s too early to talk about it.

On higher timeframes (1d, 12h) the prerequisites for a decline are visible. But for a deeper fall, it would be good to take hourly and 4-hour candles away from oversold conditions, which is why I’m waiting for a local exit up to 37,000+. However, it may not exist, so looking for a long position from current values ​​is quite risky, given that the logical stop is very far away.

It is also clear that we are trading within horizontal resistance and rising local support. There were more attempts to break down the local trend line than to reach 38,000+, so I expect that this support will give way faster than resistance.

The idea of ​​expecting a correction is leveled out when the 1h/4h Bitcoin candles fix above 38,000+. In the event of such a movement, the nearest growth target will be the level of 40400.

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