BTC/USD 4hr chart analysis
Updated
BTC/USD 4hr chart analysis:
On the 17th, BTC had broken downwards out of its Ascending Wedge Pattern on this 4hr chart.
BTC had found some support from its support level at around $21,264 but has now dropped below it. A successful 4hr close below this level will possibly take BTC to its support area at around $20,834 to $20,494.
The Ichimoku Cloud Lagging Span (Chimkou Span) is indicating momentum is downwards at the moment.
The Ichimoku Cloud Conversion Line (Tenkan Sen) is indicating that the mid-point of the short-term momentum is downwards at the moment.
The Ichimoku Cloud Base Line (Kijun Sen) is indicating that the mid-point of the mid-term momentum is also downwards at the moment.
Note that the Leading Span A (Senkou Span A) has crossed under the Leading Span B (Senkou Span B) creating a new bearish red cloud (Kumo) for this 4hr timeframe.
Note that BTC is way below its Least Squares Moving Average (LSMA) for this 4hr timeframe.
BTC is still well below its Bollinger Bands Middle Band Basis 20 Period SMA and still outside of its Bollinger Bands Lower Band. Note that the Upper band is also extending upwards.
BTC has also found some resistance from its 1.618 ($21,577) Trend-Based Fib Extension level.
Looking at the Average Directional Index (ADX DI) we can see that the Trend Strength is increasing with the ADX (Orange Line) at 28.22 above the 20 Threshold (White Dashed Line) and above its 9 Period EMA (White Line) at 20.40. Positive Momentum has dropped with the +DI (Green Line) at 7.84 and Negative momentum is upwards after the rise and drop with the -DI (Red Line) at 38.39.
Interesting times and opportunities ahead. I hope this is helpful with your Trading and Hodl-ing.
On the 17th, BTC had broken downwards out of its Ascending Wedge Pattern on this 4hr chart.
BTC had found some support from its support level at around $21,264 but has now dropped below it. A successful 4hr close below this level will possibly take BTC to its support area at around $20,834 to $20,494.
The Ichimoku Cloud Lagging Span (Chimkou Span) is indicating momentum is downwards at the moment.
The Ichimoku Cloud Conversion Line (Tenkan Sen) is indicating that the mid-point of the short-term momentum is downwards at the moment.
The Ichimoku Cloud Base Line (Kijun Sen) is indicating that the mid-point of the mid-term momentum is also downwards at the moment.
Note that the Leading Span A (Senkou Span A) has crossed under the Leading Span B (Senkou Span B) creating a new bearish red cloud (Kumo) for this 4hr timeframe.
Note that BTC is way below its Least Squares Moving Average (LSMA) for this 4hr timeframe.
BTC is still well below its Bollinger Bands Middle Band Basis 20 Period SMA and still outside of its Bollinger Bands Lower Band. Note that the Upper band is also extending upwards.
BTC has also found some resistance from its 1.618 ($21,577) Trend-Based Fib Extension level.
Looking at the Average Directional Index (ADX DI) we can see that the Trend Strength is increasing with the ADX (Orange Line) at 28.22 above the 20 Threshold (White Dashed Line) and above its 9 Period EMA (White Line) at 20.40. Positive Momentum has dropped with the +DI (Green Line) at 7.84 and Negative momentum is upwards after the rise and drop with the -DI (Red Line) at 38.39.
Interesting times and opportunities ahead. I hope this is helpful with your Trading and Hodl-ing.
Note
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