BTC 4-Hour 'RUN' chart.. looking for possible divergence set-up

Updated

A graphic run chart to visual reference if the 4-Hour is going to produce a divergence trade set-up.

Since indicators do not update data after the chart is created, I do not show them.

Here is the current screen shot, and historical reference screen shot.

Note

Tuesday March 19, 2024.
Here we are viewing the Korn's descending path. Here's my notes, and we are still looking for that 4-hour divergence which has not developed yet. Also the longer this downtrend continues, the more likely the Daily will swan dive to lower depths. Then we might start talking about the Daily's recovery with a Divergence. Anyhow, I mentioned the Daily because we could see a Daily Spike down to the Daily's 50-day Moving Average. which I have graphically guessed it's plotted value with the small red colored oval graphic. Good Luck Traders!!!

Note

First thing first .. The channel has been broken, price is moving upwards.
After analyzing the indicators, there has been a tremendous amount of FOMO, some of the indicators are at extreme highs, beyond high highs already set. These have to turn around and pause for reset. However this is Bitcoin and extreme bullish runs have continued to push indicators to extremes with no reprieve for un-naturally long periods of time... The Down cycle will only become more dramatic with the longer and higher price, which continues "without" indicator and price pause/reset.

Currently ... about the indicators
15min on the way down, and should start the exhausted 1-hour descend. Their MAC'd and RSI are normal-ish.

My stoch driven indicators are running over extended, on the high side for the 1 & 4 hour TF.

The Daily's RSI has past to the downside of 50- but recently recover 50+. Anytime frame of RSI's playing around the 50 is subjected to continuing its direction (up or down) or actually bouncing a reverse direction. 50/50 for the Daily's strength or weakness signal.. Not conclusive to predict a comfortable path. In this case, I suggest that price might fall to the 59k level.

Of course this contradicts the break-out of the channel, which in most cases, a break-out usually ends up in a change of direction, which in this case is up and up some more.
I just don't see the strong evidence it will continue.. at the least, price goes down and bounces off the channel trending line, then continues it's upwards bull move.

I placed a Fib Retracement gauge in the picture. Well place that on an active chart to see if price is going to continue an upwards trend.

Currently Price is at the 50% retracement, and for the bulls, needs to stay above 61.8% line and a price dive we will see, and price will move below the zero% .

Note

The 4-hour, Daily & Weekly are all pointing down.
That's a lot of pressure with the larger TF's.
...
There is a greater chance that the 4-hour has finished the reset.
The 4-hour has gone through to the bottom.
Divergence or a reverse H&S might be enough to get the bulls on board.
...
The Daily is in a Swan Dive on the MACd and is trending downwards on the RSI at the 50 ... (if the 4-hour pulls up...this will pull the Daily out of the swan dive.
Price will be crushing big Red Candles if the Daily goes Negative on the MACd.
...
Weekly is a lagging as usual, however both MACd and RSI are very high and pointing downwards.
...
Smaller time frames are mixed, some upward trending others downwards trending, however the pressure is a little more to the upside currently.
.....
New Screen Shot shows that Price Action is still below the 50 retrace, and that price broke out of the downward channel. With the newest price action in the last 24 hours, we should be concerned about the Reversal H & S pattern forming.
Speculation says the bulls tend to usually jump on these and send prices higher...
However, that is not always the case with BTC and there is also a good chance price continues down to the 50-day MA.

Note

Well the 12-day reset, stall ride is over, what will happen next?

Quartz-

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