BTC 4h update

EMA200 has proven itself to be a pretty tough resistance: we got two fake breakouts

Now we are headed down
📍Critical support to watch is 6.3-6.5k range: we got MA50 + EMA100 + the mid line of the channel coming there

Keep an eye on the RSI. Looks like we are going to test the declining trendline - former resistance

BTC 4h update

We finally broke above EMA200 and now we can reach as high as the top of the channel (7.8k-8k)

Major moving averages are below forming a tremendous support

BTC 4h update

That was a solid run up, however we have not got a decent volume on this rise. A pullback will probably be supported by EMA200 on 4h

RSI hit its highest level since February 9th and now rolling over

BTC Golden Cross printed & confirmed

Recent performance of this Cross on 4h chart

BTC 4h update

Like we said in previous update, lack of volume on that rise was concerning and that’s why - we’ve fallen down by $400

And like we anticipated, this dump is supported by EMA200. Trendline on the RSI is being tested right now. Let’s see if the support holds

BTC 4h update

We’ve been stuck in the Support Cluster for a while. Volume is declining which indicates that the big move is coming

⚠️ Golden Cross faded and the moving averages are now crossed in a bearish manner

BTC 4h (zoomed in)

The price of Bitcoin is being squeezed between EMA200 (resistance) & the red horizontal line (support)

The volatility is imminent and more likely we will see a breakout tomorrow with the stock market open since there is some correlation.

📍CME closed at 7315, so there will likely be a decent Gap

💡If the sentiment on traditional markets well be positive (watch the S&P500 Futures), we could fill the gap tomorrow. If tomorrow is a red day in the stock market, get ready for lower 6ks.

That escalated quickly 🚀
BTC now back above 7k

BTC is back in bearish territory

Death Cross present

Like we said in previous BTC update, watch the S&P500 Futures

Bitcoin is still pretty much correlated with the S&P500

📌Bitcoin crashed at the same time with the stock market futures

BTC 4h update

Key points:

⁃ Support Cluster turned into a Massive overhead Resistance
⁃ RSI is still respecting that declining trendline amazingly well. As of right now we are bouncing off it

💡We may see a short-term bounce towards the resistance cluster and get rejected there. As long as we are below the resistance, the bias is bearish. That’s the technical picture, but keep an eye on the stock market. In case of positive sentiment there, BTC should follow

BTC 4h update

Quote from yesterday’s update: "We may see a short-term bounce towards the resistance cluster and get rejected there"

Wait, is this what exactly happened? Yes! The price did exactly what we expected!

We tested the Resistance Cluster and got rejected there

🐻 As long as we are below the resistance, the bias is bearish

BTC is trying to break out and enter the bullish territory

BTC 4h update

Stuck in the resistance zone

We are still hovering in this neutral zone

Update

Back in the bullish zone. Need to stay above EMA200

BTC 4h update

That declining trendline on the RSI played its role again! We bounced off of it and now trading above all moving averages

The struggle is currently the mid line of the channel. If we manage to break above it, new local highs here we go

📌Don’t forget there’s a pretty big CME Gap right at the top of the channel

🔥 Oil dropped below $11 per barrel - the lowest price since 1986

Guys, you are witnessing history right now

Update: Oil dipped below $8 per barrel

This is the all-time low in Oil price!