BTC/USDT Quick Update – May 4 #2

Rising Wedge Pattern Identified
– Price is currently trading within a rising wedge on the 4H chart, often considered a structure worth monitoring for potential volatility.

Price Near Local Resistance (~97K)
– BTC is reacting around the 97K zone, a level where price has previously stalled, suggesting possible decision-making by market participants.

RSI Around 47
– RSI has cooled from higher levels and is now neutral, indicating a balance between buyers and sellers at this stage.

Parabolic SAR Above Candles
– SAR dots are now positioned above price, typically signaling a slowdown in recent upward momentum.

ADX Reading Below 20
– A low ADX value suggests the current trend lacks strong directional strength, implying potential for sideways or corrective movement.

Volume Not Supporting Recent Move
– As price climbed, volume remained relatively low, which can indicate a lack of strong participation behind the move.

Key Levels to Watch
– Support: $95K (wedge base), 92K (prior demand zone)
– Resistance: 97K (local), $102K (major overhead zone)

What to Monitor
– A break above 97K could lead to a retest of higher zones. A break below $95K might open up a move toward $92K. Watching for confirmation either way.