Hi, this is an technical market analysis of the current BTC market status on the 4-hour chart.
What i am using:
- EMA (200,100,50)
- Fibonacci Retracement
- Support lines, Resistance lines
- MACD
- RSI
EMA: - We see BTC way under EMA 200,100 and 50. Also the 50 EMA crossed the 200 and 100. That ist indicated as a bearish signal
Fibonacci Retracement: - We see BTC breaking Fibonacci Retracement Level 61.8 % from the past upswing, thats an indication for a continuation of an bearish trend (when the 61.8 mark is crossed down)
Support Lines/Resistance Lines: - The next support line for BTC in my opinion would be 87.6 % (around 7250 USD) fibonacci retracement mark BUT as the price is very instable right now it could be that BTC rushes this support line so keep an eye on it!
If we rush this line it could be that bears bring us to the next potential support at around 6000 USD. (Remember next past support/resistance will be next support/resistance)
MACD: - We see a bad bearish MACD cross on the 4h-chart right now, it is identical to the one we seen bevore the sell-out that brought us to the 6K level! My indication for this cross is that we can potentialy go under the past support of 6000 USD because we as i said the MACD looks identical.
RSI: - The RSI on the 4-hour chart is moving down. Normally when the RSI is going under 20-40 it could be an indication that the price will go up in the near future! BUT i apply this rule on the 1-day chart its better. (so that dont really matter so much now) I would keep an eye on the RSI of the 1-day chart!
So i am BIG BULLISH on the market actions of BTC happening right now, right now there are few bearish candle-sticks forming and heading directly down. So BTC has the potential right now to rush the past support level of 6K. But dont worry girls and boys from this level its more likely to see an smooth uptrend!
I hope you enjoyed, thanks and peace out!
What i am using:
- EMA (200,100,50)
- Fibonacci Retracement
- Support lines, Resistance lines
- MACD
- RSI
EMA: - We see BTC way under EMA 200,100 and 50. Also the 50 EMA crossed the 200 and 100. That ist indicated as a bearish signal
Fibonacci Retracement: - We see BTC breaking Fibonacci Retracement Level 61.8 % from the past upswing, thats an indication for a continuation of an bearish trend (when the 61.8 mark is crossed down)
Support Lines/Resistance Lines: - The next support line for BTC in my opinion would be 87.6 % (around 7250 USD) fibonacci retracement mark BUT as the price is very instable right now it could be that BTC rushes this support line so keep an eye on it!
If we rush this line it could be that bears bring us to the next potential support at around 6000 USD. (Remember next past support/resistance will be next support/resistance)
MACD: - We see a bad bearish MACD cross on the 4h-chart right now, it is identical to the one we seen bevore the sell-out that brought us to the 6K level! My indication for this cross is that we can potentialy go under the past support of 6000 USD because we as i said the MACD looks identical.
RSI: - The RSI on the 4-hour chart is moving down. Normally when the RSI is going under 20-40 it could be an indication that the price will go up in the near future! BUT i apply this rule on the 1-day chart its better. (so that dont really matter so much now) I would keep an eye on the RSI of the 1-day chart!
So i am BIG BULLISH on the market actions of BTC happening right now, right now there are few bearish candle-sticks forming and heading directly down. So BTC has the potential right now to rush the past support level of 6K. But dont worry girls and boys from this level its more likely to see an smooth uptrend!
I hope you enjoyed, thanks and peace out!