4.7 Bitcoin short-term breakthrough signs begin to appear! Is the halving market coming soon?
Bitcoin currently has signs of an upward breakthrough. As shown in the figure, the current price has broken through the previous high point. The current price is around 69,500 and is about to stand at 70,000 again.
We can observe from the previous market that the previous Bitcoin price fluctuations were slowly getting smaller, and it was a shock convergence market, but the price of this wave of market from last night to this morning directly broke through the previous high point, which is a breakthrough in shock. This is what we can observe from the short-term.
Then let's look at the four-hour situation. Although the short-term has broken through, we can see that the price is also a convergent triangle pattern in the four-hour period, but this pattern has not broken through in the four-hour period, and the price needs to continue to rise.
However, from the four-hour point of view, this triangle convergence pattern does not seem to have come to an end. If the price continues to be blocked by the upper trend line of the four-hour pattern, then the price may still have a downward correction, as shown in the figure.
Then if this four-hour price pattern will prevent the price from continuing to rise, then the most likely position is around 70,300, which is not far from the current price. If you don't get on the train below in advance, then I think you can continue to wait for the price to break through this position.
After all, the price is not far from this position now. If you want to break through this position, it is likely to break through directly today.
But if this position will prevent the price from continuing to rise, and the price is blocked and falls back, then it is not certain which side the four-hour triangle convergence pattern will break through in the end. It is also possible to break down. If it breaks down, the price will definitely have a deeper correction.
Of course, if you enter the market in advance, you can stop loss and exit when the price breaks down this four-hour level pattern. Or, you can continue to wait for the breakthrough of this pattern before chasing in, which is more certain.
