Bitcoin Hourly Chart

The previous 2 posts were based on the weekly and daily time frames. You can find these posts in the related ideas. Please, read them both in order to have a whole picture about possible market movements.
This time we use the 4H chart for searching additional signals which tell us about possible market movements in short and middle term. The downtrend line could stop the upward movement. The price forms a new swing high at 11000.00 level and this level can be used as a signal one. If the price breaks it, we'll get a signal confirming further upward movement. RSI is in the overbought zone and we should be ready to see a short term retracement. The main thing is, the price will have to stay above the uptrend line. If so, the market will be able to develop the uptrend trying to reach 12000.00 and 15000.00 levels.

If we look at the indicators, we also can get several bullish signals. MACD lines support the upward movement. DMI becomes bullish and ADX line is going to move upward. If the price breaks the downtrend line and ADX rises, it will be a good confirmation for further price movement.

Alternative variant: if the price breaks below the uptrend line, the market will move lower to 8000.00 support and the support zone between the daily uptrend lines.

Bình luận:

If the market continues the falling, keep an eye on the price action in the support zone formed by 10000.00 support level and the uptrend line.