Good morning, traders. Overall, just more sideways action for Bitcoin since yesterday. However, we are currently seeing price challenging the descending red wedge's resistance, with the H4 21 EMA providing resistance. This should provide a target of around $3965/70 if we can see some follow through. Both, the H1 and H4, MACDs are currently attempting a bullish cross. Daily and D3 21 EMAs continues to provide support and the lower wicks on the daily and D3 candles show that demand has been consistent over the past week or so. Price remains above the daily and D3 pivots and within the ascending channels as noted. We need price to close above $3950 and then follow through higher. Price has closed above that general support/resistance level three times since December, but always falls back through within a week. For those traders who believe in the IHS as a possible bullish continuation pattern, then the target would be the R3 pivot at $5075 once the R1 pivot is taken out, as seen on the D3 chart. But this move from here through the R1 pivot must be on wider candle spreads and expanding volume.
The monthly chart shows price pushing its way up through an HVN with the next monthly HVN at $6000-$6750. It also notes the 21 EMA at $5220, which is the general area price is looking to target as it completes this next leg up. That is also the target based on the symmetrical triangle that appears to be printing on the monthly chart and would find price retracing after tapping into the supply between $5200 and $5700.
If further movement to the downside occurs, then I would want to see the February 27th swing low hold at $3658.19. What this means is that I don't want to see a daily close below that. A wick below and close above would print a bullish SFP and signal likely upward price progression once again. Prior to that point, I would want to see the H4 March 8th swing low at $3760.10 hold.
Every day, we have a choice to act positively or negatively, so if you get a chance, do something decent for someone today which could be as simple as sharing a nice word with them. You just might change their day, or even their life.
Remember, you can always click on the "share" button in the lower right hand of the screen, under the chart, and then click on "Make it mine" from the popup menu in order to get a live version of the chart that you can explore on your own.
The monthly chart shows price pushing its way up through an HVN with the next monthly HVN at $6000-$6750. It also notes the 21 EMA at $5220, which is the general area price is looking to target as it completes this next leg up. That is also the target based on the symmetrical triangle that appears to be printing on the monthly chart and would find price retracing after tapping into the supply between $5200 and $5700.
If further movement to the downside occurs, then I would want to see the February 27th swing low hold at $3658.19. What this means is that I don't want to see a daily close below that. A wick below and close above would print a bullish SFP and signal likely upward price progression once again. Prior to that point, I would want to see the H4 March 8th swing low at $3760.10 hold.
Every day, we have a choice to act positively or negatively, so if you get a chance, do something decent for someone today which could be as simple as sharing a nice word with them. You just might change their day, or even their life.
Remember, you can always click on the "share" button in the lower right hand of the screen, under the chart, and then click on "Make it mine" from the popup menu in order to get a live version of the chart that you can explore on your own.
