AlanSantana

Reading Multiple Signals On The 4h Bitcoin Chart | Basics

Long
BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
Here we have Bitcoin ( BTCUSD ) on the 4H timeframe and multiple signals that are pointing to higher prices... Patience is key.

First, we have the classic Adam & Eve bottom pattern, this normally comes up when prices are ready to move up:
We also have the high volume and reversal candle printed on 22-June, we looked at this one on a previous article:
EMA100 has been working as resistance... This is the blue line on the chart.

Notice how Bitcoin 4H closing above EMA100 lead to additional growth in the past.

The MACD is clearly on the bullish side (above 0) with a green histogram, trending higher:
When I was looking at this yesterday the RSI was strong above 50 but today it is already above 60, which is really strong.

These are just a few bullish signals of course and the charts can always change... But we are looking at a bounce, something which we have been waiting for days.

After the Adam & Eve bottom pattern, we can see a small retrace before prices increase...

This is not financial advice.

Make sure to build a plan/strategy if you decide to trade... Patience is the key.

Thanks again for staying with me.

Namaste.
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