Bitcoin is completing a pullback to the previous upward channel!
I will compare and discuss 4 significant points in the 4H-chart:
1- Bitcoin crossed up its upward channel between 29Dec2020-1Jan2021, with not that much strong candle patterns and significant traded volume.
So one can say that the market was not that much sure about this cross up!
In 2,3,4 points, the price chart is trying to come back within the last channel. But there are some differences that I will shed light on them below:
2- The demand is shown in (green) volume indicator is below the supply amount related to the prior candle.
3- The demand is trying to reach a balance with the supply volume related to the prior candle.
4- Finally, in support of the idea that BTC is completing a pullback to the previous upward channel!
We see that point 4 candles patterns and the volume is completely different from the last points (2&3)
The demand volume is about 2 times of supply vol related to the prior candle and also the candle in 22Jan2021 is shaped in hammer form with a long shadow that showed us the great potential for the price to complete the pullback and continue its upward trend.
I will compare and discuss 4 significant points in the 4H-chart:
1- Bitcoin crossed up its upward channel between 29Dec2020-1Jan2021, with not that much strong candle patterns and significant traded volume.
So one can say that the market was not that much sure about this cross up!
In 2,3,4 points, the price chart is trying to come back within the last channel. But there are some differences that I will shed light on them below:
2- The demand is shown in (green) volume indicator is below the supply amount related to the prior candle.
3- The demand is trying to reach a balance with the supply volume related to the prior candle.
4- Finally, in support of the idea that BTC is completing a pullback to the previous upward channel!
We see that point 4 candles patterns and the volume is completely different from the last points (2&3)
The demand volume is about 2 times of supply vol related to the prior candle and also the candle in 22Jan2021 is shaped in hammer form with a long shadow that showed us the great potential for the price to complete the pullback and continue its upward trend.
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