Bitcoin Short-Term | Incredibly Enough, Still No Retrace!

8 Oca 2021

Here we have Bitcoin on the 4H timeframe, this is a short-term chart compared to the weekly and monthly charts which we have been looking at recently.

We now have a perfect ascending channel and any selling pressure we see building up is quickly consumed by the buyers/bulls.

The current 4H candle is showing a bullish hammer... Additional upside is possible and expected based on past history.

You know, charting for me is all about interpreting past data to read potential future moves.

That's why we do not and cannot read new/empty charts.

Past history keeps showing us straight up/more bullish for Bitcoin.

Just a few months back, I was following the conventional mindset and "guessing" that a retrace/correction 'must' happen just because prices have been growing a lot... But if you focus on TA, we cannot make that assumption instead...

We stay bullish as long as prices continue to increase and trading above EMA10.

As long as we have a strong MACD and RSI, these signals are classic and have proven to be correct.

But, if prices close below EMA10 and you see red building up...
We won't stay locked in the positive, we switch, we adapt, and go we with the flow.

This is the Bitcoin (BTCUSD) 4H chart.
The technicals are bullish... higher prices can continue to come.

What's your take?
Share in the comments section below!

Thanks a lot for your support.

Namaste.