Bitcoin Analysis: 4H Chart
According to recent events on a macroeconomic perspective and TA on the weekly chart I conclude on the path Bitcoin could take.
- Major bearish divergence building (Higher highs price action, lower highs in the RSI)
- BTC about to face strong resistance (confluence area)
- Major possibility of rejection
Bitcoin is approaching what many in the field are calling the possibility of having another Bull run. However I remain bearish (but who knows I can be wrong). DXY is showing a clear H&S pattern so this can invalidate my theory. I wanted to share this before the FOMC decision is taken, I expect a big ugly set of candles during the time of the press conference and right after the decision is determined.
This is what I see, hence I wanted to share.
Happy Wednesday and trade safe.
According to recent events on a macroeconomic perspective and TA on the weekly chart I conclude on the path Bitcoin could take.
- Major bearish divergence building (Higher highs price action, lower highs in the RSI)
- BTC about to face strong resistance (confluence area)
- Major possibility of rejection
Bitcoin is approaching what many in the field are calling the possibility of having another Bull run. However I remain bearish (but who knows I can be wrong). DXY is showing a clear H&S pattern so this can invalidate my theory. I wanted to share this before the FOMC decision is taken, I expect a big ugly set of candles during the time of the press conference and right after the decision is determined.
This is what I see, hence I wanted to share.
Happy Wednesday and trade safe.