BTC 4hr analysis
Updated
BTC
So that level mentioned above did not hold. And we did drop down to the 7300 area I mentioned, and even a bit lower.
Good news for longs is that Bitcoin has given us a fairly obvious bottom to place stops below (blue horizontal), And the M.A.C.D. on the 4hr does not often get this low with bullish momentum forming on the histogram + a cross, without some sideways and/or upward movement. So we have a likely bottom for the moment. RSI is coming up against its downtrend from the recent highs. Bullish sign if it breaks through. C.M.F is still in a strong bullish trend, so watch for it to find resistance again if price continues sideways or up.
Price is starting to pull the 5MA back toward the 20, and I like to buy long positions anytime price is above the 5MA. We are looking at the 4hr chart here, though and the daily has started to look fairly bullish, if price does not rebound strongly soon, we will see some bearish trend changes on the daily chart.
Bearish signs:
-If we do not break up out of it, we may form a bearish flag and drop lower to retest the 6800-7k region, retesting that area is far less bullish now, than it would have been after the initial break.
-we might just go sideways as oscillators climb up and, then a really nasty Head and Shoulders formation becomes possible that will take certainly take us down to $6900.
- Daily is about to get a bearish 5/20 MA cross with price below both. A retest of the 20 is likely and will be a defining moment for price action after. Fake-out 5/20 crosses do happen, especially during times of consolidation, but do not expect it to fail until it does.
The 4hr-12hr are already in bearish trends and have been for a few days, while the 1hr-2hr are starting to cross back and forth (consolidation) before a continuation or start of a reversal.
So that level mentioned above did not hold. And we did drop down to the 7300 area I mentioned, and even a bit lower.
Good news for longs is that Bitcoin has given us a fairly obvious bottom to place stops below (blue horizontal), And the M.A.C.D. on the 4hr does not often get this low with bullish momentum forming on the histogram + a cross, without some sideways and/or upward movement. So we have a likely bottom for the moment. RSI is coming up against its downtrend from the recent highs. Bullish sign if it breaks through. C.M.F is still in a strong bullish trend, so watch for it to find resistance again if price continues sideways or up.
Price is starting to pull the 5MA back toward the 20, and I like to buy long positions anytime price is above the 5MA. We are looking at the 4hr chart here, though and the daily has started to look fairly bullish, if price does not rebound strongly soon, we will see some bearish trend changes on the daily chart.
Bearish signs:
-If we do not break up out of it, we may form a bearish flag and drop lower to retest the 6800-7k region, retesting that area is far less bullish now, than it would have been after the initial break.
-we might just go sideways as oscillators climb up and, then a really nasty Head and Shoulders formation becomes possible that will take certainly take us down to $6900.
- Daily is about to get a bearish 5/20 MA cross with price below both. A retest of the 20 is likely and will be a defining moment for price action after. Fake-out 5/20 crosses do happen, especially during times of consolidation, but do not expect it to fail until it does.
The 4hr-12hr are already in bearish trends and have been for a few days, while the 1hr-2hr are starting to cross back and forth (consolidation) before a continuation or start of a reversal.
Note
The drop below that Blue Horizontal Stopped me out. I am currently Flat
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