Let's see how BTC is behaving.
This is a 4H chart.
The Fib retracement shows that price has moved to the resistance areas. There are two resistance levels on the way up, and now we're trying to pass them. However, the RSI is showing an overbought situation, making it risky to open new long positions.
Support levels: $40000 - $42500
Resistance Area: $45800 - $49100
Bollinger Bands can work as support and resistance too. Here is an example:
The market is showing SELL volumes for BTC.
Two resistance levels push down on value, and one support level holds the price high and shows strength. The higher band can work as resistance.
The Higher Bollinger Band can push down the value, and the Middle band pushes the price up.
If the price crosses the local resistance and stays above it for confirmation, we can open our long positions, aim for the next resistance, and use it as a TP point.
The RSI shows that BTC is above the 50 levels, the center.
If you want to know how the RSI indicator works, take a look at this Educational Idea. It'll help you have better readings:
Current Market Price: $44600
Let me know your ideas.
Good luck.
This is a 4H chart.
The Fib retracement shows that price has moved to the resistance areas. There are two resistance levels on the way up, and now we're trying to pass them. However, the RSI is showing an overbought situation, making it risky to open new long positions.
Support levels: $40000 - $42500
Resistance Area: $45800 - $49100
Bollinger Bands can work as support and resistance too. Here is an example:
The market is showing SELL volumes for BTC.
Two resistance levels push down on value, and one support level holds the price high and shows strength. The higher band can work as resistance.
The Higher Bollinger Band can push down the value, and the Middle band pushes the price up.
If the price crosses the local resistance and stays above it for confirmation, we can open our long positions, aim for the next resistance, and use it as a TP point.
The RSI shows that BTC is above the 50 levels, the center.
If you want to know how the RSI indicator works, take a look at this Educational Idea. It'll help you have better readings:
Current Market Price: $44600
Let me know your ideas.
Good luck.
