Bitcoin 4-hour timeframe overview
Updated
Here is my view on the price movement of Bitcoin (BTC/USDT) 4h timeframe.
Bitcoin's 4-hour timeframe is still bearish. It is currently heading towards the supply area and testing the 100-moving average. The result of this test suggests two possibilities: either Bitcoin will continue to rise and change the bearish trend to bullish, or Bitcoin will correct back to the support level.
On higher timeframes, Bitcoin's movement still shows a bullish trend. Correction is natural because the trend has been bullish for weeks.
Tomorrow is the start of a new week. If this week closes with a red candle, the Bitcoin price will likely head back to the support area next week. Hopefully, Bitcoin can continue its bullish trend in the near future.
This chart is only an analysis and prediction; it can be right or wrong. Please do not use it as financial advice.
Bitcoin's 4-hour timeframe is still bearish. It is currently heading towards the supply area and testing the 100-moving average. The result of this test suggests two possibilities: either Bitcoin will continue to rise and change the bearish trend to bullish, or Bitcoin will correct back to the support level.
On higher timeframes, Bitcoin's movement still shows a bullish trend. Correction is natural because the trend has been bullish for weeks.
Tomorrow is the start of a new week. If this week closes with a red candle, the Bitcoin price will likely head back to the support area next week. Hopefully, Bitcoin can continue its bullish trend in the near future.
This chart is only an analysis and prediction; it can be right or wrong. Please do not use it as financial advice.
Note
As we can see, Bitcoin price took out the supply area and experienced a rejection. It is now heading towards demand. If the demand is broken, then the Bitcoin price will go back to the support level. If Bitcoin price breaks the support, there is a possibility that the price will touch the $57,000-$58,000 level.
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