Longer-Term (4Hr)
As you can see, from beginning of nov to end of dec, btc was trading in a channel and on the 23rd, it broke out.
A week later, on the 31st, we got a “textbook retest” on the channel and have since barely gotten any upside. Therefore, I propose that this bullish movement is only getting started.
Shorter-Term (1 Hr)
On the shorter time frames I am noticing a few things. For starters, I see there being a diamond forming, with btc in the final 20% of the diamond. Secondly, this may be an inverse head and shoulders with both shoulders being around 46,200 on average, and the head being at 45,500.
One other way of seeing this chart would be that we have experienced a double bottom; the first bottom being the left shoulder, and the second bottom being the head.
In conclusion, btcusd seems bullish on the 1 hr and 4hr time frames.
Thank you.
As you can see, from beginning of nov to end of dec, btc was trading in a channel and on the 23rd, it broke out.
A week later, on the 31st, we got a “textbook retest” on the channel and have since barely gotten any upside. Therefore, I propose that this bullish movement is only getting started.
Shorter-Term (1 Hr)
On the shorter time frames I am noticing a few things. For starters, I see there being a diamond forming, with btc in the final 20% of the diamond. Secondly, this may be an inverse head and shoulders with both shoulders being around 46,200 on average, and the head being at 45,500.
One other way of seeing this chart would be that we have experienced a double bottom; the first bottom being the left shoulder, and the second bottom being the head.
In conclusion, btcusd seems bullish on the 1 hr and 4hr time frames.
Thank you.