Bitcoin Chart Analysis
Bitcoin has fallen a bit since its high around USD 50,500, forming a bearish chart pattern. Currently, we are in a strong support zone at around 47,400 USD, but we are not seeing a strong counter-reaction yet.
On the 1H chart, we have formed a Head&Shoulders pattern. This has already broken out with increasing selling volume. Our support zone is still holding us back from a stronger correction.
We have also formed a temporary bullish divergence on the RSI of the 1H chart. This could bring us back to slightly higher prices in the short term.
On the 4H chart, we can easily see that we can continue to hold our strong uptrend of around $30,000 USD as support. The 4H EMA ribbons also continue to serve as support for us.
Now it will be interesting to see whether Bitcoin manages to approach this area again and whether we might see a downward reaction here, or climb directly above it.