Hello Fellow Traders
Looking at the hourly chart we can see
BTCUSD
is climbing up through an ascending channel and corresponds to the mid-channel line ( yellow dashes ) Stochastic RSI looks favorable for the bulls and is about to cross the "20" line up.
From the bullish side:
- If we see enough volume, the price might push toward the upper side of the channel and possibly test the upper line at around $4600 / 4700.
- Closing above the red falling dotted trend line can be a positive sign and could encourage the bulls to reach the mentioned prices.
- We witnessed this scenario yesterday at 8:00 UTC when price closed above red falling dotted trend line and it pushed the price up to the
mid part of the channel. (courtesy of Magic poop)
- Also on the daily chart we can see higher lows on the RSI which can be interpreted as a bullish sign.
Courtesy of cryptopotato
On the downside However:
- Price seems to have trouble closing above "200 EMA" ( Depicted as the white line ) and gets rejected every time.
- Price has also formed a clear symmetric triangle on both hourly and 4 hours TF, and encounters resistant when it hits the upper side of the
triangle, not to mention $4250 is a fairly strong resistant line and also a psychological number which is hard break above
- Lack of volume may encourage the bears to push the price further down.
On the daily chart stochastic RSI is about to cross down the over bought area, indicating bears are winning the fight in higher time frame.
Major Support: $4050 / $3700 / $3300
Major Resistant: $4500 / $5000 / $5300
To conclude, market's showing mixed signals, taking positions could be very risky before the market clarifies in which direction it's headed. I'd consider waiting until a breakout from the channel and/or triangle is confirmed.
*Please be informed, this is not a financial advice*
Looking at the hourly chart we can see
BTCUSD
is climbing up through an ascending channel and corresponds to the mid-channel line ( yellow dashes ) Stochastic RSI looks favorable for the bulls and is about to cross the "20" line up. From the bullish side:
- If we see enough volume, the price might push toward the upper side of the channel and possibly test the upper line at around $4600 / 4700.
- Closing above the red falling dotted trend line can be a positive sign and could encourage the bulls to reach the mentioned prices.
- We witnessed this scenario yesterday at 8:00 UTC when price closed above red falling dotted trend line and it pushed the price up to the
mid part of the channel. (courtesy of Magic poop)
- Also on the daily chart we can see higher lows on the RSI which can be interpreted as a bullish sign.
On the downside However:
- Price seems to have trouble closing above "200 EMA" ( Depicted as the white line ) and gets rejected every time.
- Price has also formed a clear symmetric triangle on both hourly and 4 hours TF, and encounters resistant when it hits the upper side of the
triangle, not to mention $4250 is a fairly strong resistant line and also a psychological number which is hard break above
- Lack of volume may encourage the bears to push the price further down.
On the daily chart stochastic RSI is about to cross down the over bought area, indicating bears are winning the fight in higher time frame.
Major Support: $4050 / $3700 / $3300
Major Resistant: $4500 / $5000 / $5300
To conclude, market's showing mixed signals, taking positions could be very risky before the market clarifies in which direction it's headed. I'd consider waiting until a breakout from the channel and/or triangle is confirmed.
*Please be informed, this is not a financial advice*