BTC - Attempting Breakout on 4H
Here we are examining BTC on the LTF (lower time frame), in this case the 4H timeframe.
First let's look at price action and some simple trendlines. Take note of the "LTF Strong Support" around $61.3 k. This is an extremely important level on the monthly timeframe that is being confirmed and established on the LTF. It was the monthly close level of our ATH back in 2021. Therefore, if we are able to close a monthly candle above this level then it will be our hi9ghest monthly close in BTC's history.
We can also see BTC has formed a resistance trendline (red line) that we are currently trying to close above on the 4H.
Looking at our RSI, we can also see the buying strength is attempting to continue. We had a basic resistance trendline that has formed since the beginning of March. Momentum is attempting to break this level right now which could cause a cash injection into the market.
We have a very important monthly close coming up, but I wanted to outline some things on the LTF that we can pay attention to how price develops over the next week.
Another side note, BTC is currently holding the 4H 200 MA as support.
First let's look at price action and some simple trendlines. Take note of the "LTF Strong Support" around $61.3 k. This is an extremely important level on the monthly timeframe that is being confirmed and established on the LTF. It was the monthly close level of our ATH back in 2021. Therefore, if we are able to close a monthly candle above this level then it will be our hi9ghest monthly close in BTC's history.
We can also see BTC has formed a resistance trendline (red line) that we are currently trying to close above on the 4H.
Looking at our RSI, we can also see the buying strength is attempting to continue. We had a basic resistance trendline that has formed since the beginning of March. Momentum is attempting to break this level right now which could cause a cash injection into the market.
We have a very important monthly close coming up, but I wanted to outline some things on the LTF that we can pay attention to how price develops over the next week.
Another side note, BTC is currently holding the 4H 200 MA as support.
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