BTC 4 Hour Chart Update April 1

2 apr 2018

Hi, this chart was made for me, by me, but you are welcome to read it.

Time Frame: 4 HOUR CHART
Currency: BTCUSD

Technical Analysis Summary:
My Technical Analysis is based on the classic chart pattern of the falling wedge. As the price moves closer to consolidation we typically forecast a breakout.
A crucial support line at $6000.00 intersects our (larger trend) downward channel as well as our falling wedge which is our secondary signal for a breakout.

Fundamental Analysis Summary:
$6000.00BTCUSD should be a Key Buy Area for many investors as it has proven to be a major support line and will require a serious effort from the Bears to break. Fueled by greed, $6000.00 will also be a tempting area for whales and new investors to enter the market. At $6000.00, a coin that was $17,000.00 in January (3 months ago) will be hard for many to pass up. This was proven during our last low when BTCUSD dipped to $5900.00.

Confirmations to Buy:
Using the 4 hr Chart this may prove to be more of a swing trader strategy

• Using a 55, 21, 13, 8 EMA look for (Consolidation of EMA's, Bearish candle wick (rejection) pushing through the 55 EMA)
  
• EMA's are diverging with 55 EMA acting as the new support
  
• High volume and lower price rejection (a Serious Attempt was made by bears to push price lower)
  
• MACD histogram is moving towards 0.00 Line
  
• MACD fast moving average is moving to cross slower average
  
• RSI is showing Bullish Divergence (Higher Lows)
  
  
  Confirmations to Sell:
  
• Look for signs of convergence of EMA's
  
• 55 EMA which is acting as key support line is moving to intersect slower EMA's
  
• RSI Indicator is showing Bearish Divergence ( Lower Highs)
  
• MACD histogram is moving towards 0.00 line
  
• MACD slow moving average is moving to cross fast moving average average
  
  
  Profit Strategy:
  *As long as price closes above 55 EMA, 55 EMA remains key support (sits below faster EMA's), and RSI trends above previous lows, a long position should remain open.
  
  Target Buy Area for Laddering:
  $6100.00 - $6000.00
  (Note: This is an area we want to buy into, but there is no guarantee we will reach this price. Set an alert at $6300.00 and re-evaluate entry if conditions change)
  
  Target Stop Loss Area:
  $5900 - $5800