BitcoinUpdated BTC/USD 4H: Downtrend & Key Support Reversal
BTCUSD BTC/USD 4H: Downtrend & Key Support ReversalChart Analysis for BTC/USD (Bitcoin) on a 4-Hour Timeframe
1. Identify Trends using Dow Theory
Primary Trend: Downtrend
Lower Highs and Lower Lows: The chart exhibits a series of lower highs and lower lows, indicating a downtrend.
Volume Profile:
High-Volume Nodes (HVNs): Around the 104,910 level, indicating strong resistance.
Low-Volume Nodes (LVNs): Around the 101,587 level, suggesting potential support.
2. Label Elliott Wave Structures
Impulse Waves (1-5):
Wave 1: From 104,910 to 101,587
Wave 2: From 101,587 to 103,781.764 (0.786 Fibonacci level)
Wave 3: From 103,781.764 to 100,681.468 (0.382 Fibonacci level)
Wave 4: From 100,681.468 to 102,492.532 (0.618 Fibonacci level)
Wave 5: From 102,492.532 to 101,670 (current price)
Corrective Waves (A-B-C):
Wave A: At 101,670, potential further decline.
Wave B: Retracement upwards.
Wave C: Continuation of the decline.
3. Apply Smart Money Concepts (SMC)
Liquidity Zones:
Point of Control (POC): Around 104,910, indicating a significant volume concentration.
Value Areas: Between 101,587 and 102,760.
Break of Structure (BOS):
BOS visible around 101,670, suggesting a potential reversal.
Stop Hunts:
Possible stop hunts around the 101,479 level, where the price briefly dips below support.
Accumulation and Distribution:
Using Volume Profile to locate areas of accumulation and distribution.
4. Formulate Buy/Sell Strategies
Buy Strategy:
Entry: Around 101,479 (support level and potential stop hunt area).
TP1: 102,760 (0.618 Fibonacci level).
TP2: 103,781.764 (0.786 Fibonacci level).
SL: Below 101,479 (e.g., 101,000).
Sell Strategy:
Entry: Around 104,910 (resistance level and POC).
TP1: 102,760 (0.618 Fibonacci level).
TP2: 101,587 (potential support).
SL: Above 104,910 (e.g., 105,500).
This analysis integrates Volume Profile, Smart Money Concepts, Elliott Wave Theory, and Dow Theory to provide a comprehensive view of the BTC/USD chart. If you have any further questions or need more details, feel free to ask!
Follow Alexgoldhunter
Trade active
Entry: Around 101,479 (support level and potential stop hunt area).
TP1: 102,760 (0.618 Fibonacci level) successful hit
Alex Gold Hunter
Free Signals & analysis
Join for Free
tinyurl.com/ClassicFreeSignals
bit.ly/4fQGd0G
bit.ly/3ODlUI4
Free Signals & analysis
Join for Free
tinyurl.com/ClassicFreeSignals
bit.ly/4fQGd0G
bit.ly/3ODlUI4
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Alex Gold Hunter
Free Signals & analysis
Join for Free
tinyurl.com/ClassicFreeSignals
bit.ly/4fQGd0G
bit.ly/3ODlUI4
Free Signals & analysis
Join for Free
tinyurl.com/ClassicFreeSignals
bit.ly/4fQGd0G
bit.ly/3ODlUI4
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.