BTC/USD - 1hr chart
Updated
Quick and dirty BTC/USD 1hr chart update.
BTC has found support from its Bollinger Bands Middle Band Basis 20 Period SMA on this 1hr timeframe. Note that we have expansion of the Upper and Lower Bollinger Bands and this expansion is for Positive Momentum.
BTC is also back above its Least Squares Moving Average (LSMA) for this 1h timeframe. A close above the LSMA is considered a Buy Signal for this indicator but if BTC drops then we need a successful re-test as strong support to be sure.
Note that BTC is back above its Volume Profile Visible Range Point of Control (VPVR POC) for this charts visible range.
I have added various support and resistance areas as indicated by the Horizontal Blue Lines with Yellow Shading and various Support and Resistance Lines as indicated by the Blue Lines.
As you can see, BTC is also in an Ascending Triangle Pattern on this 1hr timeframe. As you can see, the top of the ascending triangle pattern is a major resistance area.
BTC has strong resistance from its resistance area located around $39,489 to $39,738. A successful close above this resistance area and successful re-test as support will eventually send BTC to resistance area located around $40,809 to $40,993.
Looking at the Moving Average Convergence Divergence (MACD) we need to keep an eye on the MACD Line (Blue Line). If the MACD Line (Blue Line) crosses back above the Signal Line (Orange Line) then that will be a Buy Signal for this indicator on this 1hr timeframe.
Failure to close a 1hr candle above the resistance area located around $39,489 to $39,738 and successful re-test as support will result in either continued sideways ranging within a range or a drop back to around $38,532 and possibly lower.
I hope this is helpful with your trading and hodl-ing.
BTC has found support from its Bollinger Bands Middle Band Basis 20 Period SMA on this 1hr timeframe. Note that we have expansion of the Upper and Lower Bollinger Bands and this expansion is for Positive Momentum.
BTC is also back above its Least Squares Moving Average (LSMA) for this 1h timeframe. A close above the LSMA is considered a Buy Signal for this indicator but if BTC drops then we need a successful re-test as strong support to be sure.
Note that BTC is back above its Volume Profile Visible Range Point of Control (VPVR POC) for this charts visible range.
I have added various support and resistance areas as indicated by the Horizontal Blue Lines with Yellow Shading and various Support and Resistance Lines as indicated by the Blue Lines.
As you can see, BTC is also in an Ascending Triangle Pattern on this 1hr timeframe. As you can see, the top of the ascending triangle pattern is a major resistance area.
BTC has strong resistance from its resistance area located around $39,489 to $39,738. A successful close above this resistance area and successful re-test as support will eventually send BTC to resistance area located around $40,809 to $40,993.
Looking at the Moving Average Convergence Divergence (MACD) we need to keep an eye on the MACD Line (Blue Line). If the MACD Line (Blue Line) crosses back above the Signal Line (Orange Line) then that will be a Buy Signal for this indicator on this 1hr timeframe.
Failure to close a 1hr candle above the resistance area located around $39,489 to $39,738 and successful re-test as support will result in either continued sideways ranging within a range or a drop back to around $38,532 and possibly lower.
I hope this is helpful with your trading and hodl-ing.
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Updated BTC/USD 1hr chart with new support and resistance lines.Note that BTC failed to successfully retest the resistance area located around $39,489 to $39,738 as support and is now ranging sideways at the moment.
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