Quick BTC 4hr chart update
BTC is back above its Middle Band Basis 20 Period for this 4hr timeframe. Note that BTC is above its Upper Band and we have expansion of the Upper and Lower Bands and this expansion is for positive momentum.
Note that BTC is still in the Zone of the on this 4hr timeframe.
BTC is also back above its ( ) for this 4hr timeframe. A candle close above this indicator is a potential buy signal for traders who use this indicator.
BTC is back above its Descending (Black A,B,C).
BTC is back above its Fixed Range Point of Control for this charts fixed range of 15x 4hr candles that i have selected.
Note that BTC is still below its Visible Range Point of Control for this charts visible range.
The ( DI) is indicating a sharp rise in Positive Momentum with the (Green Line) rising to 24.02 and the (Red Line) dropping to 15,72. Note that the (Orange Line) is at 17.83 and has started to curve upwards indicating the Positive Trend Strength is increasing in Strength. The 9 Period (Black Line) is at 19.04 so we may see the (Orange Line) eventually cross back over and above its 9 Period (Black Line). We also need the (Orange Line) to cross back over the 20 Threshold (Horizontal Dashed Black line) on this 4hr timeframe.
The Moving Average Convergence Divergence ( ) is also indicating a sharp rise in Positive Momentum with the Line (Blue Line) back in the Positive Zone and above the 0,0 Base Line. Note that we also have increasing Green Histograms. Note that this is the first time since 15th Nov 2021 that the Line (Blue Line) has been in the Positive Zone of the indicator on this 4hr timeframe.
I have added 2 areas of interest using the tool. BTC needs to stay above the Lower around $55,610 – $55,100 and this is BTC’s potential bottom on this 4hr timeframe. BTC also needs to break back above and more importantly close back above the Upper around $59,480 – $60,148. Closing above $60,148 takes BTC into the Equilibrium Zone of the , and also back above its Ascending Lower Green Resistance Line (Red A,B,C). It also takes BTC back above its Descending Upper Green Resistance Line (Black A,B,C) so this is an important area for BTC to close above.
Note that because BTC is above its Upper Band, a retrace back under the Upper Band shouldn’t come as a surprise to you. It should be an interesting weekend.
I hope this is helpful with your trading and Hodl-ing.
= Grey Bands on Chart
= Black Squiggly Line on Chart
VPFR POC = Short Horizontal Red Line on Chart
VPVR POC = Long Horizontal Red Line on Chart
Important = Upper Parallel Black Line with Yellow Shading on Chart
Important = Lower Parallel Black Lines with Yellow Shading on Chart
Moving Average = Orange Line going through Bars on Chart
Descending Pattern = Black A,B,C on Chart
Ascending Pattern = Red A,B,C on Chart
Lines – Horizontal Dashed Black Lines on Chart