Bitcoin 1H Timeframe (Getting Into The Details)

We've been looking at Bitcoin over and over but mainly on the daily timeframe.

We already know what is going on there and we have our resistance and support levels established.

Currently, the bulls are starting to jump back in, which is great news.

Now, let's take a closer look and see what Bitcoin has to say short-term.

1H Timeframe Bitcoin Analysis

We have lots of data on this chart here.

Let's move our attention first to the drop and recovery of the 26-28 November, the space marked in yellow.

This can be read in multiple ways.
This is a bullish signal because prices broke below support just to recover strong.

This move is a stop-loss hunt/shakeout.

Let's continue with the Moving Average indicator.

We have the gray line on the chart as well as the blue, magenta and black ones.

The gray line is EMA300 and BTCUSD is trading above this level, as well as above all the others.

This simply means bullishness.
Above these lines we are bullish and below bearish.

Now, we also have a 3 bounces pattern... Marked blue.

This normally comes up when a bottom is taking form (after the bottom prices grow).

Finally, short-term, we have the MACD on the bullish side and the RSI as well.

The light blue space is our support.
Above this level the bulls are ahead.

In general, we are bullish above support and any trading above the 28-Nov. low at $53,300.

We are bearish below the last low.

When prices are set to drop they drop...
If it takes too long for the drop to happen, the bearish side losses strength.

As Bitcoin has been ranging now and going daily above EMA50... We are open to the bullish scenario and hope to see GREEN for a few days.

Prepare and adapt.

Thank you for reading.

Namaste.