Cryptocurrency
Trading Bitcoin: Bullish 4 Hour Setup
Bullish 4 Hour Setup Bitcoin is now on a green 2 of 9 candle on the 4 hour chart above. Our current green 2 candle is setup to close above the previous green 1. In sequential theory, this is an indication to place a long trade. Additionally, the Lucid SAR is acting as bullish support […]
Bullish 4 Hour Setup
Bitcoin is now on a green 2 of 9 candle on the 4 hour chart above. Our current green 2 candle is setup to close above the previous green 1. In sequential theory, this is an indication to place a long trade. Additionally, the Lucid SAR is acting as bullish support below price. However, the 50MA (grey) is the closest level of resistance at $7.4k. If the bulls can break this resistance level, the next target area would be $8.2k, inline with the 128MA (green).
Bitcoin’s current posture is also forming a tentative inverse head and shoulders pattern. This particular pattern is typically characteristic of a bullish breakout. Being said, a pattern means nothing until confirmation. For now, we monitor price closely, expecting a bullish breakout.
Disclaimer: The author of the article hodls Bitcoin.