This is a followup to the BTC 4H chart I posted yesterday:
Easy and simple:
The previous climb back up to a $4,000 (range A) test took 3 days, 12 hours (84H) from its local low. (Red Rectangle)
Range A (the previous range above $4,000) lasted 19H before dumping. The highs were lower (except for the one final push) and the closes were consistently lower. This all happened on obviously decreasing volume (see black 10-period MA) on the volume bars. Bearish.
Our most recent breakthrough of $4,000 (range B) only took 1 day, 16 hours from its local low. (Red Rectangle)
Range B has been a different story. So far, we have lasted 46H above $4,000. The highs show an upward trend and the closes show an upward trend. The most recent high 1H close was on 1.132k volume. This is currently all happening on increasing volume. Bullish.
***Higher highs and higher closes on ascending volume at resistance signal an upwards breakout very soon. On the back of a swift recovery from the last pullback shows me that bulls came to buy. Expecting bears to exhaust soon and yield $4,060. Anticipating a run above $4,100.
Easy and simple:
The previous climb back up to a $4,000 (range A) test took 3 days, 12 hours (84H) from its local low. (Red Rectangle)
Range A (the previous range above $4,000) lasted 19H before dumping. The highs were lower (except for the one final push) and the closes were consistently lower. This all happened on obviously decreasing volume (see black 10-period MA) on the volume bars. Bearish.
Our most recent breakthrough of $4,000 (range B) only took 1 day, 16 hours from its local low. (Red Rectangle)
Range B has been a different story. So far, we have lasted 46H above $4,000. The highs show an upward trend and the closes show an upward trend. The most recent high 1H close was on 1.132k volume. This is currently all happening on increasing volume. Bullish.
***Higher highs and higher closes on ascending volume at resistance signal an upwards breakout very soon. On the back of a swift recovery from the last pullback shows me that bulls came to buy. Expecting bears to exhaust soon and yield $4,060. Anticipating a run above $4,100.
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.
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.