BTC/UDST (4hr) comparable price action & indicator patterns
This is a compare / contrast observation of current price action movements in BTCUSDT (4 hr) to a similar pattern that took place Jan 30-Feb 6 2022.
It is an observation I'm recording for my own notes, but I felt the community might also have input and observations which could shed more light on how this may play out.
The current price action shows very similar behaviour in both candlestick patterns and indicators to the Jan 30-Feb 6 chart behaviours: Upside push to resistance creating a round top followed by downside test of local support and then a significant upside swing breaking 2 levels of local resistance bands.
BSVP and MACD seem to be recapitulating the previous patterns Jan 30-Feb 6, whereas the Momentum Squeeze indicator is not congruent.
Bullish hopes are for a similar push through local resistance to a significant upside swing, but also note that if local support fails this price action is likely to make bearish moves downside to the next local resistance level @ $38000 and potentially lower to $36000 and 33000 USD depending on selling volume depth. *especially if Putin invades Ukraine and all markets tumble in the resulting fear, uncertainty and doubt.
This is not trading advice, but observation and comparison & constructive input and discussion is more than welcome.
And may the Markets be always in your favour.
-dz
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