Bitcoin: Fractals Analysis 1H (Apr. 20)

X FORCE GLOBAL ANALYSIS:


In this analysis, we take a look at the hourly fractals of Bitcoin's current chart, compared to that of March 23, 2020.

Analsis

- The fractals first start with a down trend (green zone)
- This downtrend is followed by a huge bullish engulfing candle (yellow zone)
- The Relative Strength Index (RSI) also shows a huge pop at this point
- Then we see a slow uptrend, with higher lows and higher highs (white zone)
- During this point, the Moving Average Convergence Divergence (MACD) shows strong momentum with clear bullish histograms
- That uptrend is followed by a "U" shaped cup pattern, marked by the blue trend line
- Then, we see a setup for a bearish flag, in which the pattern later plays out
- The formation of the bear flag takes places inside the ichimoku cloud
- The bearish histograms on the MACD increase,leading to further bearish pressure
- However, in the end, Bitcoin continues its bullish rally up

Market Sentiment:

Long short ratios are still at 64 to 36, with significantly more bullish sentiment than bearish sentiment

Trade Safe.