BTC Bitcoin: 4H Update
Updated
Hello friends, today you can review the technical analysis idea on a 4H linear scale chart for Bitcoin (BTCUSD).
Bitcoin price broke above an Inverse Head and Shoulders Pattern which was forming over the past few days. The measured move is shown on the chart. There is a Local Support and Resistance Trend Line which has been holding the price down for a while which Bitcoin needs to get above and it is currently trying to get above it. The line is also at the 0.618 Fibonacci Retracement area where there is also a strong support and resistance zone. There is Ichimoku Cloud support and resistance ahead. The price has made its way above the 4H EMA ribbons. RSI is currently facing a major resistance area. The MACD crossed bullish recently. Volume has been consistent over the past few days. Until Bitcoin price does not break above the local S/R line, it is still looking concerning.
Lastly, since early November 2021, I have been warning people of BTC and crypto market in general price drop. Crypto Twitter and YouTube influencers have money to make so they will keep pushing for higher price indications but be careful who you listen to. November 30, 2021 closing price was $56,987.
If you enjoy my ideas, feel free to like it and drop in a comment. I love reading your comments below.
Disclosure: This is just my opinion and not any type of financial advice. I enjoy charting and discussing technical analysis . Don't trade based on my advice. Do your own research! #cryptopickk
Bitcoin price broke above an Inverse Head and Shoulders Pattern which was forming over the past few days. The measured move is shown on the chart. There is a Local Support and Resistance Trend Line which has been holding the price down for a while which Bitcoin needs to get above and it is currently trying to get above it. The line is also at the 0.618 Fibonacci Retracement area where there is also a strong support and resistance zone. There is Ichimoku Cloud support and resistance ahead. The price has made its way above the 4H EMA ribbons. RSI is currently facing a major resistance area. The MACD crossed bullish recently. Volume has been consistent over the past few days. Until Bitcoin price does not break above the local S/R line, it is still looking concerning.
Lastly, since early November 2021, I have been warning people of BTC and crypto market in general price drop. Crypto Twitter and YouTube influencers have money to make so they will keep pushing for higher price indications but be careful who you listen to. November 30, 2021 closing price was $56,987.
If you enjoy my ideas, feel free to like it and drop in a comment. I love reading your comments below.
Disclosure: This is just my opinion and not any type of financial advice. I enjoy charting and discussing technical analysis . Don't trade based on my advice. Do your own research! #cryptopickk
Note
exactly as predicted!
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