Hello everyone, I invite you to review the BTC chart taking into account the four-hour interval. As we can see, the price broke the downtrend line and went above the trend line.
Currently, BTC is fighting a strong resistance at $21,488, only when the price breaks above the indicated level, it will start moving towards the resistance at $23,145, and then to the resistance at $25,221.
Looking the other way, it is worth marking support areas when the price starts to fall. And here we can mark the level of $20039 as the first support, then we have support at $19166 and $18448, then there is a strong support zone from $17749 to $16759.
However, here it is worth taking a closer look at the formed formation called Rising Wedge, which, unfortunately, is characterized by leaving the formation with a downward move.
In such a situation, we can mark the places of stoploss and entry into a possible position and the possible target to be achieved.
It is worth remembering that leaving the indicated formation usually takes place after a failed fourth attempt to break up.
As we can see, the CHOP index indicates that we have a lot of energy for a new move, the MACD indicates a local downtrend, while the EMA Cross 10 and 30 indicate that we are in an uptrend.
Currently, BTC is fighting a strong resistance at $21,488, only when the price breaks above the indicated level, it will start moving towards the resistance at $23,145, and then to the resistance at $25,221.
Looking the other way, it is worth marking support areas when the price starts to fall. And here we can mark the level of $20039 as the first support, then we have support at $19166 and $18448, then there is a strong support zone from $17749 to $16759.
However, here it is worth taking a closer look at the formed formation called Rising Wedge, which, unfortunately, is characterized by leaving the formation with a downward move.
In such a situation, we can mark the places of stoploss and entry into a possible position and the possible target to be achieved.
It is worth remembering that leaving the indicated formation usually takes place after a failed fourth attempt to break up.
As we can see, the CHOP index indicates that we have a lot of energy for a new move, the MACD indicates a local downtrend, while the EMA Cross 10 and 30 indicate that we are in an uptrend.