BTC is still below its Descending Trend-line. BTC needs to break back above and more importantly CLOSE back above the Descending Trend-line before any long term recovery to the upside becomes concrete.
BTC is back above its Bollinger Bands Middle Band Basis 20 Period SMA. BTC has dropped back under its Upper Bollinger Band which is expected after a large rise and expansion of the Upper and Lower Bands, so we may see some consolidation sideways within a range before the next big move.
At the moment, BTC is back above its Least Squares Moving Average (LSMA) for this 4hr timeframe. A candle close above the LSMA is considered a buy signal for this indicator.
At the moment, BTC is in the Equilibrium Zone of the Ichimoku Cloud using the 20,60,120,30 settings. Note that BTC has found some support near its Ichimoku cloud Leading Span A (Senkou Span A) support level.
At the moment of typing this, BTC is below its Volume Profile Fixed Range Point of Control (VPFR POC) for the fixed range of 8x 4hr candles that i have selected. BTC needs to close a 4hr candle above this level.
Note that BTC is also still below its Volume Profile Visible Range Point of Control (VPVR POC) for this charts Visible Range.
Note that the last 8x 4hr Volume Bars have been above its Volume 20 Period MA.
If we look at the Moving Average Convergence Divergence (MACD) we can see that the MACD Line (Blue Line) has crossed back over and above the Signal Line (Orange Line) which is a buy signal. Note that the MACD Line (Blue Line) has also crossed back above the 0.0 Basle Line and is now in the Positive Zone for this 4hr timeframe. Note that the MACD Line (Blue Line) is the highest it has been in the Positive Zone since the 1st Dec 2021.
If we look at the Average Directional Index (ADX DI) we can see that Positive Momentum has dropped slightly on this 4hr timeframe with the +DI (Green Line) dropping to 25.97. Negative Momentum has also dropped with the -DI (Red Line) dropping to 13.99. Note that the Trend Strength is still slightly weak with the ADX (Orange Line) at 19.65 and still under the 0.0 Threshold. Note however that the ADX (Orange Line) is above its 9 Period EMA (Black Line) 18.58. The +DI (Green Line) need to stay ABOVE the -DI (Red Line) on this 4hr timeframe for any long term recovery to the upside to last.
If BTC can eventually make it back above and more importantly CLOSE back above the Descending Trend-line then BTC will possibly rise to about $53,360 where it will find its next major resistance. The next major resistance after that will be the VPVR POC around $57,175. If BTC cannot close back above the Descending Trend-line then BTC will eventually make its way to its major support level between $45,820 - $45,409. If that Major Support Area fails then BTC will drop back to around $41,900. If BTC does turn downwards, then the LSMA and the Bollinger Bands Middle Band Basis will be crucial support levels on this 4hr timeframe.
Here is a closer look at this 4hr chart.
I hope this post is helpful with your trading and hodl-ing.
Notes:
LSMA = Black Squiggly Line on chart
Bollinger Bands = Grey Bands on chart
Ichimoku Cloud = Green and Red Cloud pattern on chart
VPVR POC = Long Horizontal Red Dotted Lines on chart
VPFR POC = Short Horizontal Red Dotted Lines on chart
Descending Trend-line = Descending Black Line on chart
Resistance and Support Lines = Descending and Ascending Dotted Lines on chart
Major Support Area = Bottom Horizontal Parallel Lines with Yellow Shading on chart
Possible Next Resistance Area = Top Horizontal Parallel Lines with Yellow Shading on chart
BTC is back above its Bollinger Bands Middle Band Basis 20 Period SMA. BTC has dropped back under its Upper Bollinger Band which is expected after a large rise and expansion of the Upper and Lower Bands, so we may see some consolidation sideways within a range before the next big move.
At the moment, BTC is back above its Least Squares Moving Average (LSMA) for this 4hr timeframe. A candle close above the LSMA is considered a buy signal for this indicator.
At the moment, BTC is in the Equilibrium Zone of the Ichimoku Cloud using the 20,60,120,30 settings. Note that BTC has found some support near its Ichimoku cloud Leading Span A (Senkou Span A) support level.
At the moment of typing this, BTC is below its Volume Profile Fixed Range Point of Control (VPFR POC) for the fixed range of 8x 4hr candles that i have selected. BTC needs to close a 4hr candle above this level.
Note that BTC is also still below its Volume Profile Visible Range Point of Control (VPVR POC) for this charts Visible Range.
Note that the last 8x 4hr Volume Bars have been above its Volume 20 Period MA.
If we look at the Moving Average Convergence Divergence (MACD) we can see that the MACD Line (Blue Line) has crossed back over and above the Signal Line (Orange Line) which is a buy signal. Note that the MACD Line (Blue Line) has also crossed back above the 0.0 Basle Line and is now in the Positive Zone for this 4hr timeframe. Note that the MACD Line (Blue Line) is the highest it has been in the Positive Zone since the 1st Dec 2021.
If we look at the Average Directional Index (ADX DI) we can see that Positive Momentum has dropped slightly on this 4hr timeframe with the +DI (Green Line) dropping to 25.97. Negative Momentum has also dropped with the -DI (Red Line) dropping to 13.99. Note that the Trend Strength is still slightly weak with the ADX (Orange Line) at 19.65 and still under the 0.0 Threshold. Note however that the ADX (Orange Line) is above its 9 Period EMA (Black Line) 18.58. The +DI (Green Line) need to stay ABOVE the -DI (Red Line) on this 4hr timeframe for any long term recovery to the upside to last.
If BTC can eventually make it back above and more importantly CLOSE back above the Descending Trend-line then BTC will possibly rise to about $53,360 where it will find its next major resistance. The next major resistance after that will be the VPVR POC around $57,175. If BTC cannot close back above the Descending Trend-line then BTC will eventually make its way to its major support level between $45,820 - $45,409. If that Major Support Area fails then BTC will drop back to around $41,900. If BTC does turn downwards, then the LSMA and the Bollinger Bands Middle Band Basis will be crucial support levels on this 4hr timeframe.
Here is a closer look at this 4hr chart.
I hope this post is helpful with your trading and hodl-ing.
Notes:
LSMA = Black Squiggly Line on chart
Bollinger Bands = Grey Bands on chart
Ichimoku Cloud = Green and Red Cloud pattern on chart
VPVR POC = Long Horizontal Red Dotted Lines on chart
VPFR POC = Short Horizontal Red Dotted Lines on chart
Descending Trend-line = Descending Black Line on chart
Resistance and Support Lines = Descending and Ascending Dotted Lines on chart
Major Support Area = Bottom Horizontal Parallel Lines with Yellow Shading on chart
Possible Next Resistance Area = Top Horizontal Parallel Lines with Yellow Shading on chart
Comment:
Here is a look at the 1d chart. Be on the lookout for a successful close back above the Bollinger Bands Middle Band Basis 20 Period SMA as well as any successful re-test of the BB Middle Band as support on this 1d timeframe.
Comment:
Updated 4hr Chart:
We need a successful CLOSE above the Ichimoku Cloud Leading Span B (Senkou Span B) Level.
We need a successful CLOSE above the Ichimoku Cloud Leading Span B (Senkou Span B) Level.
Comment:
BTC closed back above its Ichimoku Cloud Leading Span B (Senkou Span B) Resistance Level and note that we have had a Kumo (Cloud) Twist into a new Bullish Green Cloud on this 4hr timeframe.
At the moment BTC has found some support from its LSMA level. BTC needs to keep closing 4hr Candles above the LSMA on this 4hr timeframe. If BTC fails to close above the LSMA then it runs the risk of becoming a Sell Signal on this indicator.
Not that at the moment, BTC is below its VPFR POC for the Fixed Range of 15x 4hr Candles that i have selected.
After such a big rise, if BTC WICKS down to the Ichimoku Cloud Leading Span B (Senkou Span B) level or even the Bollinger Bands Middle Band Basis 20 Period SMA then that shouldn't really come as a surprise.
If BTC stays above the LSMA and the Ichimoku Cloud Leading Span B (Senkou Span B) levels then the next port of call for BTC will eventually be around $53,360.
At the moment BTC has found some support from its LSMA level. BTC needs to keep closing 4hr Candles above the LSMA on this 4hr timeframe. If BTC fails to close above the LSMA then it runs the risk of becoming a Sell Signal on this indicator.
Not that at the moment, BTC is below its VPFR POC for the Fixed Range of 15x 4hr Candles that i have selected.
After such a big rise, if BTC WICKS down to the Ichimoku Cloud Leading Span B (Senkou Span B) level or even the Bollinger Bands Middle Band Basis 20 Period SMA then that shouldn't really come as a surprise.
If BTC stays above the LSMA and the Ichimoku Cloud Leading Span B (Senkou Span B) levels then the next port of call for BTC will eventually be around $53,360.
The above ADX DI text should say 'the 20 Threshold' not 'the 0.0 Threshold'.