🅱️ Bitcoin Multiple (4H, Daily & Weekly) Timeframes | #OKXIdeas

25 Apr 2023

The question is simple: Will Bitcoin continue lower or is the correction over?

Let us see what the chart has to say on multiple timeframes.

We start with BTCUSDT 4H (short-term)

• Notice the volume 19-Apr. High bear volume.
  
• 21-Apr lower low yet lower volume and Doji.
  
• 24-Apr lower low yet bear volume continues to decrease. The session ends in a Doji, green.
  

So, when we see new lows being hit yet the volume starts to decrease, it means the trend is losing strength, in this case the bearish trend.

• The current action is happening above the 3-Apr. low (bullish).
  
• Prices moving above EMA10 and RSI moving up after hitting weak/oversold (bullish).
  

Let's move to the daily timeframe.

• The correction is ultra-weak, why? There is no volume/bear volume is low.
  
• BTCUSDT is trading above 0.382 Fib. retracement short and mid-term which is a signal of strength.
  
• Yesterday's session is a Doji after a new low which is an indecision candle. Indecision after prices moved lower can mean that the market is not sure if continue lower or change.
  

As long as Bitcoin stays above 26,650 daily the bears are weak, the probabilities favor the bulls, consolidation or the resumption of the uptrend.

If the above mentioned level is compromised the correction can extend.
Another bullish signals comes from the Altcoins but that is a bit too much for many so let's continue with the weekly timeframe.



This is a pretty interesting chart, we will focus on the technicals.
Thanks a lot for your continued support.

I can come up with a million different stories and with all sorts of conclusions looking at these charts but the basics, keeping it simple, always works best.

BTCUSDT trades above EMA10 weekly (26688). As long as the price stays above this level, the bulls are in full control.

This is supported by a long lower wick on the current session, a strong RSI and the bigger picture that we've been tracking for many months.


Conclusion

Back to the initial question: Will Bitcoin continue lower or will it move up?

The charts are bullish and pointing higher.

We say Bitcoin goes higher unless the charts change of course.

There is plenty of room/space for Bitcoin to correct, but looking at the short-term, we are more than safe above 25,000 and 26K.

I can expand but this should be good for a few days...

We can focus on the bigger picture next time.

This trade idea is done for you!
#OKXideas...

Namaste.

25 Apr 2023

Nota

Next we have the monthly timeframe which is giving out some mixed signals...

Let's have a closer look.

• We have less than one week for this monthly session to close.
  
• BTCUSDT is trading above EMA10, EMA21 and EMA50.
  
• The current candle doesn't look great but confirmation if the month will end up green or red only happens when the session closes, so the current situation can change.
  
• Last month EMA21 and EMA10 were conquered on a strong bullish candle and high volume (the highest buy volume since Jul 2021) and this is what counts now.
  

Bitcoin monthly is also bullish.

For Bitcoin to go bearish on the monthly timeframe we would need a close below 25,300. Any trading above this level can be considered consolidation. Small price swings can be considered noise.

Patience is key.