BTCUSD - 4h Chart Analysis
Updated
After a period in which the trend was considered bearish, because the price was between the lower standard deviation of the Bollinger Bands and the 20 days Moving Average, this one has crossed the latter and based on higher trading volumes it created a "break out" from the trend channel and also went through the first Resistance Level of 3463$.
From the technical perspective, the indicators are again in contradiction as it follows :
* The RSI is 66, meaning that the price is not considered "overbought" yet;
* The MACD is still above the Signal, meaning that the price has still more room to increase;
* The Stochastic has just registered a crossover, meaning that we might see the price changing it's direction anytime soon.
Although the general trend remains Bearish, it is possible to see the price reaching 3600$ in the upcoming hours before the market will continue to drop again.
From the technical perspective, the indicators are again in contradiction as it follows :
* The RSI is 66, meaning that the price is not considered "overbought" yet;
* The MACD is still above the Signal, meaning that the price has still more room to increase;
* The Stochastic has just registered a crossover, meaning that we might see the price changing it's direction anytime soon.
Although the general trend remains Bearish, it is possible to see the price reaching 3600$ in the upcoming hours before the market will continue to drop again.
Trade closed: target reached
the trade was closed
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