I was encouraged to look at shorter time frames - including the 4-hour - to see trends in the Bitcoin. It is a good practice and I generally do look at time frames down to about the 30-minute.
As you can see by looking at the 4-hour Keltner Channels the top of the channels is around $506.45, so you may not want to get too excited by the recent price movement unless you are just looking to scalp a few dollars here or there and intend to get in and right back out. In addition, 50-day EMA is below 100-day EMA which is bearish. Until price makes a run at 50-day (and probably 100-day) I'm not looking to buy.
I tend to look at longer term time frames - the 1-day, weekly - and indicators, cycles, patterns, and Point and Figure charts. I'm not as concerned with the $50-$70 swings as my approach is looking more at medium-to-long-term price and momentum rather depending on timing to jump in and out.
As you can see by looking at the 4-hour Keltner Channels the top of the channels is around $506.45, so you may not want to get too excited by the recent price movement unless you are just looking to scalp a few dollars here or there and intend to get in and right back out. In addition, 50-day EMA is below 100-day EMA which is bearish. Until price makes a run at 50-day (and probably 100-day) I'm not looking to buy.
I tend to look at longer term time frames - the 1-day, weekly - and indicators, cycles, patterns, and Point and Figure charts. I'm not as concerned with the $50-$70 swings as my approach is looking more at medium-to-long-term price and momentum rather depending on timing to jump in and out.