54K seems to be the most likely support level on the 4-hour chart for Bitcoin/USD.
After that 52K.
A drop to 48K seems unlikely. But possible.
A reminder that this is the 4-Hour Chart. If you zoom out, you will notice that Bitcoin is not yet in a bear market.
Technical Analysis tools used:
Volume, Ichimoku Clouds, Fibonnaci Retracement, Volume Delta, Support Lines.
The Fibonacci Retracement show the next likely support levels which correlates closely with the (orange) support lines.
Price action below the Ichimoku Cloud signals the continuation of a bearish trend.
The new Volume Delta Indicator shows a divergence of sell volume domination over market price, which leads me to believe a trend reversal is coming soon. (around 52-54k)
up-to-date Fundamental Analysis:
Good news to consider:
Bad news to consider:
Psychological Considerations:
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations.
After that 52K.
A drop to 48K seems unlikely. But possible.
A reminder that this is the 4-Hour Chart. If you zoom out, you will notice that Bitcoin is not yet in a bear market.
Technical Analysis tools used:
Volume, Ichimoku Clouds, Fibonnaci Retracement, Volume Delta, Support Lines.
The Fibonacci Retracement show the next likely support levels which correlates closely with the (orange) support lines.
Price action below the Ichimoku Cloud signals the continuation of a bearish trend.
The new Volume Delta Indicator shows a divergence of sell volume domination over market price, which leads me to believe a trend reversal is coming soon. (around 52-54k)
up-to-date Fundamental Analysis:
Good news to consider:
- Possible ETF unbanning and adoption in China (unconfirmed)
- World's largest custodian bank, BNY Mellon reports exposure to BTC ETF
- Halvening in effect
- First Bitcoin ETF's launched in Asia (Hong Kong)
Bad news to consider:
- CEO of Binance sentencing (30. April 24)
- Prominent Bitcoin Figures arrested
- Government crackdowns in US/UK/EU on centralized elements of the cryptocurrency ecosystem (CEX, Custodial Wallets, etc.).
- Asian Bitcoin ETF's flopped due to low volumes on opening day.
Psychological Considerations:
- must-reach-100k mentality of the Bitcoin community
- Community psychological barrier against centralization and regulation
- 50k support
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations.
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The rainbow colored lines are the Fibonacci Retracement, which was retraced from the lowest point of this years price to the ATH.
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We might see a quick bear trap- but no need to panic. 54K still priced in as my active target.
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If you zoom out to the 3 month chart, you will notice that Bitcoin is still in a bull market.
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58K is holding strong, for now. But unless I see a re-confirmation, I am not convinced. I still expect a longer monthly candle.
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59.3K is the resistance line that we need to cross, otherwise the continuation of the dip is back on the table.
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63K needs to hold until the end of the day. Otherwise we could revisit 58k
