Bitcoin 4 Hour - Time for the Decision!
Updated
Hello!
In this chart we can see 3 main things, and also added some conuterpoint that we'll talk about.
First we can see that prices are in a close range trading for the last 4 candles (4 hours each), along with that we can see that the volume is slowly decreasing. With that in mind, if we pay attention to the 10 MA, it is now making contact with the price, which can provide us more volatility if the downside momentum is to continue. The RSI levels are cooled off from the extreme oversold conditions, which can provide us a little more room for more downside action, before we can see a divergence and rebound.
We can also see that we got a bearish flip on the Sequential, with a Red 1 showing up. If the next candle is a Red 2 below a Red 1, it might be a good opportunity for a short entry (taking profits quickly as well).
Taking another approach here, we also added a Fib Retracement in case of an upside movement. If we can hold prices here and close above the 10 MA, we might get an upside movement to the 0.38 level, and possibly even further up. This is the unlikely thing to happen here, but never say that something can't happen.
For now, the momentum is certainly bearish. It is important to stay very sharp here, odds are we will go down a little more before some significant rebound.
This is not financial advice.
Good luck to everyone!
In this chart we can see 3 main things, and also added some conuterpoint that we'll talk about.
First we can see that prices are in a close range trading for the last 4 candles (4 hours each), along with that we can see that the volume is slowly decreasing. With that in mind, if we pay attention to the 10 MA, it is now making contact with the price, which can provide us more volatility if the downside momentum is to continue. The RSI levels are cooled off from the extreme oversold conditions, which can provide us a little more room for more downside action, before we can see a divergence and rebound.
We can also see that we got a bearish flip on the Sequential, with a Red 1 showing up. If the next candle is a Red 2 below a Red 1, it might be a good opportunity for a short entry (taking profits quickly as well).
Taking another approach here, we also added a Fib Retracement in case of an upside movement. If we can hold prices here and close above the 10 MA, we might get an upside movement to the 0.38 level, and possibly even further up. This is the unlikely thing to happen here, but never say that something can't happen.
For now, the momentum is certainly bearish. It is important to stay very sharp here, odds are we will go down a little more before some significant rebound.
This is not financial advice.
Good luck to everyone!
Note
So, we got more sideways action. There was no real high volatility moves or anything like that, we broke out of the channel, but with that, all we got was less volume and more sideways action. With that in mind, we still have a pretty clear bear pennant (bear flag) formation, with low volume and all indicators cooled off and ready for another move down, all we need is a bit more volume for things to happen here. This is not financial advice. Thanks!
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.