Hello, welcome to this BTC /USDT 4Hr chart update by CRYPTOSANDERS.
I have tried my best to bring the best possible outcome to this chart.
Show some support do hit the like button, follow and comment in the comment section. this motivates me to bring this kind of chart analysis on regular basis.
CHART ANALYSIS:-
On the 4-hour timeframe, it is evident that the price is getting closer to the lower boundary of the marked bearish flag after getting rejected from the $40K zone.
However, the price action forms a falling wedge pattern, which is considered a bullish reversal pattern. For a reversal to take place, the price needs to break above the higher trendline of the wedge. In that case, we can expect BTC to retest the $43K level and even higher.
Furthermore, the three touches at the lower trendline of the falling wedge signal a clear bullish divergence with the RSI, which adds to the probability of a bullish rebound in the short term. On the other hand, the bearish scenario in the mid-term is still probable, and if the falling wedge pattern fails, the sell-off would be accelerated, and the price could drop to $36K, as mentioned above.
This is not a piece of financial advice.
Sorry for my English it is not my native language.
Do hit the like button if you like it and share your charts in the comments section.
thank you.
I have tried my best to bring the best possible outcome to this chart.
Show some support do hit the like button, follow and comment in the comment section. this motivates me to bring this kind of chart analysis on regular basis.
CHART ANALYSIS:-
On the 4-hour timeframe, it is evident that the price is getting closer to the lower boundary of the marked bearish flag after getting rejected from the $40K zone.
However, the price action forms a falling wedge pattern, which is considered a bullish reversal pattern. For a reversal to take place, the price needs to break above the higher trendline of the wedge. In that case, we can expect BTC to retest the $43K level and even higher.
Furthermore, the three touches at the lower trendline of the falling wedge signal a clear bullish divergence with the RSI, which adds to the probability of a bullish rebound in the short term. On the other hand, the bearish scenario in the mid-term is still probable, and if the falling wedge pattern fails, the sell-off would be accelerated, and the price could drop to $36K, as mentioned above.
This is not a piece of financial advice.
Sorry for my English it is not my native language.
Do hit the like button if you like it and share your charts in the comments section.
thank you.
