BitcoinShort
Bitcoin (BTC/USD) 4H Review
Bitcoin bulls are defending the $15,9K support right now after bears recently overcame the 0.786 fibonacci level at $16,120 and pushed prices down towards the up-trending support of the former ascending triangle pattern (yellow).
Looking at the Volume Profile (VPVR), we can see that the current level is a highly traded area (top green shaded zone). This, coupled with the up-trending support, could provide a fairly solid footing for bullish traders to push back from if buying volume returns.
Overall, however, the large divergence on the RSI (blue line) shows that there's a serious weakness in the current trend.
Supports:
(1) $15,660 - This is the next level where significant volume has been traded.
(2) $15,410 - Point of Control (POC)
(3) $15,100 - S/R level
Resistances:
(1) $16,120 - 0.786 Fibonacci level
(2) $16,475 - Key daily resistance and the current 4-hour close high.
(3) $16,660 - Key daily resistance
(4) $17,000 - Psychological level
Looking at the Volume Profile (VPVR), we can see that the current level is a highly traded area (top green shaded zone). This, coupled with the up-trending support, could provide a fairly solid footing for bullish traders to push back from if buying volume returns.
Overall, however, the large divergence on the RSI (blue line) shows that there's a serious weakness in the current trend.
Supports:
(1) $15,660 - This is the next level where significant volume has been traded.
(2) $15,410 - Point of Control (POC)
(3) $15,100 - S/R level
Resistances:
(1) $16,120 - 0.786 Fibonacci level
(2) $16,475 - Key daily resistance and the current 4-hour close high.
(3) $16,660 - Key daily resistance
(4) $17,000 - Psychological level
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