Bitcoin today never closed a 1h or 4h candle below 51k, which i think is very impressing at these high levels. The only thing the sellers achieved today was a higher low (again).
The sell offs seem to get bought up faster and it seems almost imposible for BTC to even test the heartline off the parallel channel again. Under this condition i think its very likely we gonna see a test of the supply line of the channel rather sooner than later. Like i mentioned in my other post i believe if we see the top off the channel i think BTC probably gonna break it like in the run up mid december where it broke the broadening wedge and flipped its supply line into its demand line which was brutally bullish and BTC never saw prices below this demand line ever again.
i normaly dont like to chart on the small timeframes but in this case it helps to understand the behaviour of some altcoins like (comp or maker) which show similar behaviour and just dont want to take off. Its also a reason for the declline of positive momentum on the 4h MACD histogram which i believe is not gonna show red in the next couple 4h close's and probably gonna just pick up positive momentum again because on the 1h the negative momentum is allready waining and now showing potential hidden bullish divergence (which seems to be the pattern of the month)
if bitcoin can stay above this downsloping trendline which was a supply line before (also visible on the 4h), the likelihood of a retest of the recent ATH is very high. Especially with the 4h closing a bullish engulfing after this day of consolidation.
btw. I am still in my long trade that i opened at the 49k level and as long as bitcoin closes 4h candles or even 1h above 51k i am not thinking about closing this trade.
Lets see how this plays out :)
The sell offs seem to get bought up faster and it seems almost imposible for BTC to even test the heartline off the parallel channel again. Under this condition i think its very likely we gonna see a test of the supply line of the channel rather sooner than later. Like i mentioned in my other post i believe if we see the top off the channel i think BTC probably gonna break it like in the run up mid december where it broke the broadening wedge and flipped its supply line into its demand line which was brutally bullish and BTC never saw prices below this demand line ever again.
i normaly dont like to chart on the small timeframes but in this case it helps to understand the behaviour of some altcoins like (comp or maker) which show similar behaviour and just dont want to take off. Its also a reason for the declline of positive momentum on the 4h MACD histogram which i believe is not gonna show red in the next couple 4h close's and probably gonna just pick up positive momentum again because on the 1h the negative momentum is allready waining and now showing potential hidden bullish divergence (which seems to be the pattern of the month)
if bitcoin can stay above this downsloping trendline which was a supply line before (also visible on the 4h), the likelihood of a retest of the recent ATH is very high. Especially with the 4h closing a bullish engulfing after this day of consolidation.
btw. I am still in my long trade that i opened at the 49k level and as long as bitcoin closes 4h candles or even 1h above 51k i am not thinking about closing this trade.
Lets see how this plays out :)
Comment:
Sorry about the sloppy lines on rsi and macd, i didnt check my chart before posting :)
Comment:
My Alert just went off: BTCUSD, 4h Exiting Channel (Upper Bound: Parallel Channel, Lower Bound: Parallel Channel)
