Bitcoin (BTC) has been “successfully” consolidating below the S / R level of $ 42,000 since yesterday. In other words, the market is so far without any movement that would direct us anywhere. Respectively, I have already expressed the opinion that we will have a drop of at least USD 37,000. There’s also the bottom edge of that big canal, so we’d kill two flies with one blow.
Current situation at 4H BTC / USD
On the 4H chart, we can see much better the dynamics of the price decline. As a result, we didn’t make that $ 39,000 right away. But we can still say that the price decline remained dynamic, with short movements to protitrendu. The market has basically been declining for two weeks now. Therefore, it makes sense for at least a brief recovery to come soon.
When we start from volume profilewe find that the descent of the course actually stopped at point of control the whole market structure from this year. So I take back the previously outlined idea that bitcoin can oscillate around $ 37,000 for a long time. Rather around $ 39,000. However, even on the chart you can observe that the exchange rate has been hovering around the said level for a really long time.
Consolidation under S / R level $ 42,000 has been going on for about 24 hours. Therefore, there is an effort to buy the slump. So the bears are not that strong. Respectively, they are not so aggressive. Given that we’re from the $ 37,000 and the bottom edge of that channel (it’s also the bottom edge of the triangle), we’ll probably be tested this week.
So we have one local eventwhich, however, is important for development in the coming months. If a successful rebound comes, we will stay in the slightly growing channel we are watching until the summer. However, when the breakthrough comes down, a much more dynamic course may occur.
Indicators
At 4H RSI we have fallen below the 30-point mark for the third time. The deepest this time. Which means the bears are still on the horse – they’re still pushing the market lower and lower. Getting the 4H RSI to 20 points wants a whole initiative.
In conclusion
Bitcoin probably won’t offer us anything big for now. Respectively, we have to wait for the aforementioned $ 37,000 and then we’ll see what happens next. I probably won’t hide the fact that I’d rather be behind the breakthrough. This would make the market much more dynamic. But it is quite individual depending on who has access to the market.
ATTENTION: No data in the video is an investment board. The analysis does not try to predict future price developments. It serves exclusively as educational content on how to approach the market. Before you invest, do your own research and analysis, you always trade at your own risk. The kryptomagazin.cz team strongly recommends individual risk considerations!
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