Last time at April 25th, a single test resulted in a full drop back to $8700.
Today, we’re seeing already a double test (or a for that matter?) and on this 1 hourly chart, a and a negatively spiralling . That’s not good news. Even though Bitcoin could surprise us here. We shouldn’t forget to look at all this information when it comes to our decision-making.
The 2-hourly chart shows a similar picture:
The 3-hourly is about to make a death cross in the , and is showing a (see the last candle stick) trend reversal Heikin Ashi candle, hinting to a downward push first.
Same for the 4-hourly, even though the Heikin Ashi is green (the last candle stick), it’s still a trend reversal one:
On the daily however, we are seeing in the that bitcoin is around being overbought, but still the momentum is upward. Looking at the , instead of making a death cross, the blue line actually curves upward to continue the .
Although, taking into account the shorter time frames, it is definitely possible that the still curves downward and that we will have to get ready for another test later on, and that the break-out is not for today.
The weekly is looking great, with a golden cross in the making, an upward trending , and an overall nice looking chart. This makes me believe that it is only a matter of time before the big bitcoin break-out:
And finally, the 15min chart, showing how many times today we already tried breaking through that big resistance:
- I do believe a break-out for bitcoin is only a matter of time. It will also come sooner then later. We have an incredibly picture on the weekly, with a golden cross in the in the making, and overall indicators and chart lay-out looking .
- If I look at the chart and its components today, completely objectively, it looks like we are likely still a little early in breaking out. Almost every time frame confirms this view. If we look at the 15min, we see that we keep on testing that resistance line, showing proof of the strong upward momentum underneath, but also of the strong resistance.
- We could break the resistance today, but objectively, it looks like we might have to wait a couple of days more.
The daily chart definitely confirms a more bearish stance short term: MACD bearish cross, RSI in overbought area and curving downward. Also the Heikin Ashi candles after the doji (so the last two red ones) point to more downward pressure. This is completely healthy and required before a new leg up. So definitely HODL or wait for reversal to uptrend.