BITCOIN A short-term set-up

17 kwi 2022

This is Bitcoin (BTCUSD) on the 4H time-frame. A good short-term set-up is emerging as both the candle action and the 4H RSI are forming a sequence similar to the March 07 - March 12 pattern, which was a Higher Low on the 'First Support Higher Lows trend-line' that I introduced last Tuesday.

As you see, the price is at the stage where it is below the 4H MA50 (blue trend-line) and the Red Ichimoku and is about to come outside of the consolidation pattern.

When that happened in March, it took the price around 9 days to break above the previous Resistance, which on the current fractal is at 41590. When that broke, Bitcoin rallied and made a top on the 2.0 Fibonacci extension (roughly above 48000), which was the March 28 Higher High of the 1D Channel Up.

The 2.0 Fib extension on the current pattern is at 43960. A break below the Support of 39200 could be enough to invalidate this trading set-up.

Do you think it will play out or get invalidated? Feel free to share your work and let me know in the comments section below!



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