Bitcoin Update 01.03.2023 (4hr-Chart)
Good morning everyone, the Bitcoin is maintaining its positive momentum and is currently on its way to fill the Wick to the upside at around $64,000.
Our structures remain quite fragile as we have exactly 2 support levels in the current chart image. The 1st support level is within our current range (orange box) between around $61,000 and $62,500, with the latter being something we still need to surpass.
The 2nd support level is at the end of the downward Wick in the Support Box (green box) starting from $57,600. Volume-wise, we only get support again in our former range at $52,000 after this area.
Looking at the indicators, they are all overwhelmed, but our EMAs are slowly moving towards crucial support zones: the 20 EMA is above our Support Box, and the 50 EMA is gradually heading into this area. Observing the 100 EMA, we notice that it is slowly leaving the old range and pulling into our parabolic rise, but it will take some time to reach relevant levels.
With the current momentum, I expect green numbers today as well, but I would be cautious around $64,000, as the first orders were placed there, and therefore, a significant amount of liquidity (blue lines) has accumulated above this level.
It remains exciting, and our all-time high (ATH) is getting closer. Do you think we can reach it without a correction.
If you have any questions, I'm always available in the trading-chat. Until then, I wish you a successful Trading day!
Our structures remain quite fragile as we have exactly 2 support levels in the current chart image. The 1st support level is within our current range (orange box) between around $61,000 and $62,500, with the latter being something we still need to surpass.
The 2nd support level is at the end of the downward Wick in the Support Box (green box) starting from $57,600. Volume-wise, we only get support again in our former range at $52,000 after this area.
Looking at the indicators, they are all overwhelmed, but our EMAs are slowly moving towards crucial support zones: the 20 EMA is above our Support Box, and the 50 EMA is gradually heading into this area. Observing the 100 EMA, we notice that it is slowly leaving the old range and pulling into our parabolic rise, but it will take some time to reach relevant levels.
With the current momentum, I expect green numbers today as well, but I would be cautious around $64,000, as the first orders were placed there, and therefore, a significant amount of liquidity (blue lines) has accumulated above this level.
It remains exciting, and our all-time high (ATH) is getting closer. Do you think we can reach it without a correction.
If you have any questions, I'm always available in the trading-chat. Until then, I wish you a successful Trading day!
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