BTCUSD - 4H Chart Analysis
On the 14th of November, the price of Bitcoin has ended it's one month period of sideways movements and it has crossed the 20 days Moving Average, "officially" creating a bearish trend. Since then, the price had 8 "come back" attempts but all 8 were failed.
For now, the RSI is 31 but it doesn't seem it has enough power to get at least even close to it's neutrality. on top of that, the Stochastic Moving Averages have intersected at the level of 48 meaning that there is a potential drop coming, at least down to the level of 20.
The only indicator which is showing the opposite scenario for now is the MACD but even it's Moving Averages seem to be close to an intersection, meaning that it's possible for us to see a continuation of the sideways movement, followed by another drop.
As possible targets, we can consider the Support Level of 3750$ or 3691$ in extension, which is the level of the lower standard deviation of the Bollinger Bands.
Overall, the trading volumes are lower than before which means that without any fundamental, we shouldn't wait for aggressive movements.
For now, the RSI is 31 but it doesn't seem it has enough power to get at least even close to it's neutrality. on top of that, the Stochastic Moving Averages have intersected at the level of 48 meaning that there is a potential drop coming, at least down to the level of 20.
The only indicator which is showing the opposite scenario for now is the MACD but even it's Moving Averages seem to be close to an intersection, meaning that it's possible for us to see a continuation of the sideways movement, followed by another drop.
As possible targets, we can consider the Support Level of 3750$ or 3691$ in extension, which is the level of the lower standard deviation of the Bollinger Bands.
Overall, the trading volumes are lower than before which means that without any fundamental, we shouldn't wait for aggressive movements.
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