Today we are going to look at the 4 hours chart.
Currently catch in a sideways broad 47'500-50'000 trading range.
Indeed, after having filled the triangle technical target @ 49'421, the BTC
pushed still a little bit higher towards an intraday high so far @ 49'811, being unable,
so far to break the psychological 50'000 important resistance level.
In addition, last H4 candle, triggered on a closing basis, a "Doji" pattern which should be seen
as a first warning signal for a potential trend reversal.(should be confirmed !)
Moreover, RSI is showing successive bearish divergences !
Therefore, next H4 closing level should be watch at very carefully and will give more clues for
the next move; in the meantime, as always, monitor price action on shorter time frames to get
intermediate signal (s) (such as divergences) which will help you to act accordingly.
A successful upside breakout of 50'000, would put the focus on the 51'000 (weekly downtrend resistance line) area ahead of 53'000 zone, former high of
beginning of September.
On the downside, looking at the daily picture, first significant support to look at is the top of the clouds (former resistance which becomes now the new support level),
currently around the 48'000 level.
If you like my analysis, please do not forget to support with a like and a follow. Thanks.
Ironman8848
Currently catch in a sideways broad 47'500-50'000 trading range.
Indeed, after having filled the triangle technical target @ 49'421, the BTC
pushed still a little bit higher towards an intraday high so far @ 49'811, being unable,
so far to break the psychological 50'000 important resistance level.
In addition, last H4 candle, triggered on a closing basis, a "Doji" pattern which should be seen
as a first warning signal for a potential trend reversal.(should be confirmed !)
Moreover, RSI is showing successive bearish divergences !
Therefore, next H4 closing level should be watch at very carefully and will give more clues for
the next move; in the meantime, as always, monitor price action on shorter time frames to get
intermediate signal (s) (such as divergences) which will help you to act accordingly.
A successful upside breakout of 50'000, would put the focus on the 51'000 (weekly downtrend resistance line) area ahead of 53'000 zone, former high of
beginning of September.
On the downside, looking at the daily picture, first significant support to look at is the top of the clouds (former resistance which becomes now the new support level),
currently around the 48'000 level.
If you like my analysis, please do not forget to support with a like and a follow. Thanks.
Ironman8848
