UBT Analysis
The 4 hr chart is displaying a brief consolidation period. It is currently trading with support and resistance at 46,620 sats and 48,954 sats respectively, moving towards testing level at 44,570 sats. If the level is wicked beyond 44,570 sats, the resistance would have been lost and a subsequent test will be made at 46,620 sats provided that it moves upward. If the level is not lost, then a subsequent test will be made at the current resistance of 46,620 sats. Since the weekly level (yellow line) has already been tested, it is plausible that another test will be done once more at 49,512 sats, therefore watch for continued upwards movement beyond the current resistance line.
When taking this position, be mindful to only act after you've either seen consolidation creating a brief accumulation period at 44,570 sats followed by upward price movement or movement upwards from the current point where the price returns to being traded between the current support and resistance levels (46,620 sats and 48,954 sats).
Disclaimer: Please use this only as a starting point. Perform your analysis before taking any positions and appropriate your stops losses accordingly to minimize any potential sharp downward movements in the price.
When taking this position, be mindful to only act after you've either seen consolidation creating a brief accumulation period at 44,570 sats followed by upward price movement or movement upwards from the current point where the price returns to being traded between the current support and resistance levels (46,620 sats and 48,954 sats).
Disclaimer: Please use this only as a starting point. Perform your analysis before taking any positions and appropriate your stops losses accordingly to minimize any potential sharp downward movements in the price.
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