BTC - USD 4H chart
once you see possible change on trend in the action price you can use other indicators to help you support your case such as MACD and RSI.
let's see if our indicators can help us to validated or analysis.
RSI
January 22 (RSI signal line) was under oversold territory (we can take it us a LOW)
February 22 (RSI signal line) was again under oversold territory but the action price show as a higher low
in this case we could say that the price could be making a bottoming pattern to start moving up,
MACD
for now MACD is in bear territory if we see the signal line is under the water line (water line is level 0 in MACD or middle line)
to confirm that the power is bullish is better to see those lines above the water line,
for now we could probably see an uptrend movement to resistance zone and a possible bottoming pattern in 4H chart
please remember
1 if the price breaks our strong support we could see a strong downtrend movement
2 this is not a call to buy or sell!!! this is just and analysis of how I see the market conditions, if you buy or sell is under your own risk
let's see if our indicators can help us to validated or analysis.
RSI
January 22 (RSI signal line) was under oversold territory (we can take it us a LOW)
February 22 (RSI signal line) was again under oversold territory but the action price show as a higher low
in this case we could say that the price could be making a bottoming pattern to start moving up,
MACD
for now MACD is in bear territory if we see the signal line is under the water line (water line is level 0 in MACD or middle line)
to confirm that the power is bullish is better to see those lines above the water line,
for now we could probably see an uptrend movement to resistance zone and a possible bottoming pattern in 4H chart
please remember
1 if the price breaks our strong support we could see a strong downtrend movement
2 this is not a call to buy or sell!!! this is just and analysis of how I see the market conditions, if you buy or sell is under your own risk
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