On the BTC/USD 4 Hour, the price is once again testing this long term upper resistance since the fall from $20,000. There is significant bear pressure, but with each retrace down the bulls are getting stronger. What we need now is volume to give us enough gas to close above the resistance.
The 4 Hour cloud is holding strong for now, acting as tertiary support. Our primary and secondary support as of current are coming from the 50 and 200EMA. Consistent closing above these moving averages would only aid in confirming reversal. On the topic of EMAs, we have a chance at a “Golden Cross” on the 4 Hour, which would be golden (no pun intended) for much needed upward momentum. Looking back on past precedent, the last time we saw a clear Golden Cross on the 4 hour was back in October when the price was at $4,000. This signaled a subsequent 3 month run to $20,000.
Finally shifting to our RSI, for the past couple of months we have seen the RSI constantly test this trend line acting as a median. Each fall through this trend line has resulted in a noticeable retrace. If we can find enough volume and bull pressure to bounce off this trend line, it could just be enough to send us through long term resistance and finally relieve the anxiety of nearly every crypto enthusiast with a heartbeat.
This is not financial advice, just thoughts.
The 4 Hour cloud is holding strong for now, acting as tertiary support. Our primary and secondary support as of current are coming from the 50 and 200EMA. Consistent closing above these moving averages would only aid in confirming reversal. On the topic of EMAs, we have a chance at a “Golden Cross” on the 4 Hour, which would be golden (no pun intended) for much needed upward momentum. Looking back on past precedent, the last time we saw a clear Golden Cross on the 4 hour was back in October when the price was at $4,000. This signaled a subsequent 3 month run to $20,000.
Finally shifting to our RSI, for the past couple of months we have seen the RSI constantly test this trend line acting as a median. Each fall through this trend line has resulted in a noticeable retrace. If we can find enough volume and bull pressure to bounce off this trend line, it could just be enough to send us through long term resistance and finally relieve the anxiety of nearly every crypto enthusiast with a heartbeat.
This is not financial advice, just thoughts.