Why this setup? 4H setup signals SHORT. Daily trend is bearish, but RSI on lower timeframes shows a minor bounce. Key resistance at the entry high of 0.9269. A break below the entry low of 0.9202 could accelerate the move toward TP1 at 0.9034.
Debate: Is this just a bear trap before a reversal, or is the real flush down to TP2 coming?
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$BTC Recently dropped from a very high price over $100k now revolving around $70k. On 4 hour time frame it is making an upward slop and almost equal highs.
If we look on weekly chart $BTC is sitting on top of a major support level around $68k - $70k.
If $BTC wants to go up towards $75k - $80k, it should now give a daily closing above $72k. Or else we can see btc testing $65k - $60k zones. #BTC #analysis #Important_BTC_UPDATE