BTC/USD 4H chart

2년 전

Diamond formation is appearing quite clearly in the 4-hour chart. This is a classic turning formation. May day wasn't very kind to Bitcoin, plunging below $9000 while some altcoins traded consistently upwards, bouncing from the falls of the weekend. This is an interesting correlation.

At the time of this writing, BTC/USD is trading around $9127, just below a quite significant resistance. This is where Bitcoin took a breath in December just before getting launched up to $20000. A bit above there, we can find the breaking point of the current formation, around $9300. It will be tough and it will take time to break above this price area, but in case it happens, final key resistance is at $9637. If that barrier is breached, then we are into a whole new bullish scenario.

Below the current Bitcoin price, the $8800 mark is the very-short-term support, with $8400 as the intraday support. Losing that level would severely the BTC/USD technical outlook, taking the price back to the $7860 mark.
MACD in the Bitcoin 4-hour chart is trading below the 0 line, which weakens its position. The current inclination is favorable to a bullish cross, but it should consume considerable amounts of money to do so due to its closeness to the equilibrium line.

Directional Movement Index in the same chart shows the lack of trend strength. ADX above 20 will be the signal that confirms a direction for the price. Buyers profited from the dips to increase their positions. Sellers cashed out with the retracement and have not increased their positioning since.

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