220417 BTCUSD Analysis (Formation of baseline)

BTC/USD COINBASE:BTCUSD

movida

Hi guys. Seems like the crypto market is consolidating with small volume in weekend.

Taking a break in weekend like this is not a bad choice I think.

4h: Bitcoin seems fine as long as it’s above the major demand zone and holding the trendline.

I’ve marked the short term profit taking levels which are $41500 , $43500 area.

1D: Daily chart , you can see there’s a major supply zone at 51~52k where swing lows and highs meet.

Expected bar pattern is that the price hopefully breaks through the resistance trendline, but it fails to break the 52k supply zone ,failing with a wick candle.

Daily support trendline could be intimidated if it fails hard.

Thanks.

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