BTCUSDT: Key Level Analysis Update on 30-minute chart 2024/05/04
Currently, the price is hovering around the Median 50% area and above the Moving 50% line, residing within the 4-hour resistance zone.
A bar-to-bar divergence has emerged between the closing price of green candles and RSI, signaling a potential weakening momentum. Interestingly, despite this divergence, the "Predict Beta" indicator has indicated an upward bend, suggesting a possible bullish pressure. However, the AR Forecast Scatter Plot indicator (by Steversteves) projects price rejection at the 4-hour resistance level.
Given this mixed scenario, the market appears uncertain. As a precautionary measure, I would place buy limit orders at 62350 (Previous Median) and 61760 (Lower 50%). For short positions, I would set a stop market order at 62895, with a stop loss and take profit ratio of 1:2
Note: Predict beta indicator is not published yet in Tradingview
/please DYOR/trade at your own risk
A bar-to-bar divergence has emerged between the closing price of green candles and RSI, signaling a potential weakening momentum. Interestingly, despite this divergence, the "Predict Beta" indicator has indicated an upward bend, suggesting a possible bullish pressure. However, the AR Forecast Scatter Plot indicator (by Steversteves) projects price rejection at the 4-hour resistance level.
Given this mixed scenario, the market appears uncertain. As a precautionary measure, I would place buy limit orders at 62350 (Previous Median) and 61760 (Lower 50%). For short positions, I would set a stop market order at 62895, with a stop loss and take profit ratio of 1:2
Note: Predict beta indicator is not published yet in Tradingview
/please DYOR/trade at your own risk
Comment:
the price decided to go bullish and break out from the 4hr resistance area as indicated by the 'predict beta' upbend.
Comment:
the price went up as indicated by a bullish divergence in the 15-minute time frame (not shown in this chart). This could also set a new higher high.