Bitcoin 1 Hour: Exact Same Downslope

3 May 2023

Bitcoin's one-hour trend is showing the exact same downslope (degrees change with chart resolution, but the relative lines stay the same) as the chart demonstrated mid-April. This may indicate more trying times to come, at least in the short term.

The make-or-break is still $27250. A fall below that critical support level might trigger a more prolonged downtrend. One the other hand, a run above $30000 is still the zone where I will enter longs.

Happy Wednesday & happy trading!
wbburgin

3 May 2023

Not

Great to see that BTC broke through the downward channel, longs have been opened again.

3 May 2023

Not

Correction: longs not opened but watching if it can cross the volatility MA once again. Trend is uncertain because it looks like it's been rejected by the 100-hour volatility-weighted MA three times.