Last week BTC could not break the blue zone and closed the week with an indecision candle. The red zone (drawn on the daily) will now serve as support on the higher timeframes. The bullish momentum is decreasing on the rsi but as you can see on the chart of the rsi an HH has been printed after the HL and the trend line has been broken. As long as we stay above the level of a new HL the price on higher timeframes is bullish.
Weekly charts
https://www.tradingview.com/x/SRHntPFU/
https://www.tradingview.com/x/pAnMyjZd/ (rsi chart)
Daily chart
https://www.tradingview.com/x/YN95Csis/
Daily has been pingpinging BTC all week between resistance (blue) and support (red). Is BTC preparing for a powerful outbreak? The ema's are still looking great while the rsi continues to drop slightly and is currently testing the ema. We see that the volume is dropping drastically. Is this silence before the storm or are the bears winning?
4H chart
https://www.tradingview.com/x/1BDuzQKt/
The 4 hour graph looks nice. Bitcoin is still moving sideways and the ema's are rising. The rsi is also rising and has recently been bounced just above the center line. We also see the volume slowly increasing but it's not very thunderous at the moment and there is not much more clarity on this chart. Therefore we will take a look at the 1 hour chart.
https://www.tradingview.com/x/AJ7HuLcY/
Also on this chart little more information can be found. The higs can not be broken but a solid higer low seems to be printed (green circle). The ema's are also good for which the ema55 and 100 currently offer support, where the here low is put down. The rsi is stronglyounced from the center line and is now fighting for the spot with the ema.
Conclusion:
Chances are that we will move sideways between the red and yellow (daily zone) part, this is between 10950 - 11900 dollars. These are the zones where BTC has to come above or below before we can really see a big movement. On the lower timeframe the first step towards an outbreak has been taken by placing a higer low at the top. A higer high will have to confirm this.
In case of an outbreak at the top we could look at 13.2 - 13.8K. However, if we break through the red block then the next stop would be at 9900 - 10.2K.
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