Hello friends, today you can review the technical analysis idea on a 4H linear scale chart for Bitcoin ( BTCUSD ).
Bitcoin price broke above an Inverse Head and Shoulders Pattern which was forming over the past few days. The measured move is shown on the chart. There is a Local Support and Resistance Trend Line which has been holding the price down for a while which Bitcoin needs to get above and it is currently trying to get above it. The line is also at the 0.618 Fibonacci Retracement area where there is also a strong support and resistance zone. There is Ichimoku Cloud support and resistance ahead. The price has made its way above the 4H EMA ribbons. RSI is currently facing a major resistance area . The MACD crossed bullish recently. Volume has been consistent over the past few days. Until Bitcoin price does not break above the local S/R line, it is still looking concerning.
I enjoy charting and discussing technical analysis . Don't trade based on my advice. Do your own research!
Bitcoin price broke above an Inverse Head and Shoulders Pattern which was forming over the past few days. The measured move is shown on the chart. There is a Local Support and Resistance Trend Line which has been holding the price down for a while which Bitcoin needs to get above and it is currently trying to get above it. The line is also at the 0.618 Fibonacci Retracement area where there is also a strong support and resistance zone. There is Ichimoku Cloud support and resistance ahead. The price has made its way above the 4H EMA ribbons. RSI is currently facing a major resistance area . The MACD crossed bullish recently. Volume has been consistent over the past few days. Until Bitcoin price does not break above the local S/R line, it is still looking concerning.
I enjoy charting and discussing technical analysis . Don't trade based on my advice. Do your own research!