BTC Long-Term analysis 4H
Hello everyone, I invite you to check the current situation on BTC in the USDT pair, taking into account the four-hour interval. First, we will use blue lines to mark the local upward trend channel in which the BTC price is struggling to stay in the channel. At this point, however, it is worth emphasizing that yesterday's dynamic price movements were caused by false information about the SEC's approval of the Spot ETF for BTC. The announcement was made on the X platform through a hacker hacking the SEC's official account.
Next, it is worth turning on the EMA Cross 10 and 30 indicator, which shows that the upward trend is still maintained, but it is worth keeping the red line in mind, because when it crosses the green line from above, it will confirm a potential return to the downward trend.
Now we can move on to marking the support areas, and for this purpose we will spread the trend based fib extension saitke, thanks to which we can see that the current decline has been maintained by the support at the level of $44,701, and then it is worth defining the support zone from $43,814 to $42,665, but if the zone is once broken, we can see a decline to the support level of $39,422.
Looking the other way, using a grid in a similar way, we can determine places of potential resistance that can effectively reject the price. And here we can see the first resistance that rejected the increases at $47,137, then we have visible resistance around $49,000, and then we can mark the zone from $50,119 to $51,702, which is before an attempt at further increases to the new ATH.
Please pay attention to the RSI indicator because you can see that it behaves similarly to the STOCH indicator - both of them show a recovery with room for a potentially larger recovery that could occur in the event of a possible decision regarding spot etf btc.
Next, it is worth turning on the EMA Cross 10 and 30 indicator, which shows that the upward trend is still maintained, but it is worth keeping the red line in mind, because when it crosses the green line from above, it will confirm a potential return to the downward trend.
Now we can move on to marking the support areas, and for this purpose we will spread the trend based fib extension saitke, thanks to which we can see that the current decline has been maintained by the support at the level of $44,701, and then it is worth defining the support zone from $43,814 to $42,665, but if the zone is once broken, we can see a decline to the support level of $39,422.
Looking the other way, using a grid in a similar way, we can determine places of potential resistance that can effectively reject the price. And here we can see the first resistance that rejected the increases at $47,137, then we have visible resistance around $49,000, and then we can mark the zone from $50,119 to $51,702, which is before an attempt at further increases to the new ATH.
Please pay attention to the RSI indicator because you can see that it behaves similarly to the STOCH indicator - both of them show a recovery with room for a potentially larger recovery that could occur in the event of a possible decision regarding spot etf btc.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.