After a bleak few days, Bitcoin appears to be showing signs of strength.
Let's take closer look at the latest BTC/USD H4 chart below (click to expand):
I've performed the Fibonacci study from the high of the weekend at 455, until the current low at 413.
As can be seen, we had four consecutive strong bear candles, and at that point it was pretty hard to see any bulls having a say. However, there was a special reversal pattern in the making. The last bear candle, (marked with an orange number 4) had two characteristics which could indicate some indecision entering the market, in that it's upper and lower wicks were of equal length, and the candle itself closed below the lower Bollinger band. But it was the next candle, circled in blue, which really gave us confidence in some sort of retrace occurring. You can see how it a) opened below the lower Bollinger band, b) closed as a bull candle, c) possessed a relatively long lower wick, yet NO upper wick whatsoever.
All three pieces of information purely based on price action tell us that the bulls are gathering together. But besides price action, there were other indicators aiding this contemplation, such as the Stochastic Oscillator approaching oversold territory and on the next candle, we had the Accelerator Oscillator bar turn green. Eventually the Awesome Oscillator and the Parabolic SAR also followed suit.
Thus, price headed up to the major Fibonacci retracement level of 61.8% at 440, where, as I've circled in red, it's been tested twice already. Will price test it for a third time today? Arguably, since we still have a lot of the technicals showing bullish signs. Whether it will be broken, I doubt - due to the fact we're seeing the AC as red, and actually, on the Daily timeframe if we perform a longer Fib study, we can see that the 23.6% Fib is providing decent resistance:
After a bleak few days, Bitcoin appears to be showing signs of strength.
Let's take closer look at the latest BTC/USD H4 chart below (click to expand):
I've performed the Fibonacci study from the high of the weekend at 455, until the current low at 413.
As can be seen, we had four consecutive strong bear candles, and at that point it was pretty hard to see any bulls having a say. However, there was a special reversal pattern in the making. The last bear candle, (marked with an orange number 4) had two characteristics which could indicate some indecision entering the market, in that it's upper and lower wicks were of equal length, and the candle itself closed below the lower Bollinger band. But it was the next candle, circled in blue, which really gave us confidence in some sort of retrace occurring. You can see how it a) opened below the lower Bollinger band, b) closed as a bull candle, c) possessed a relatively long lower wick, yet NO upper wick whatsoever.
All three pieces of information purely based on price action tell us that the bulls are gathering together. But besides price action, there were other indicators aiding this contemplation, such as the Stochastic Oscillator approaching oversold territory and on the next candle, we had the Accelerator Oscillator bar turn green. Eventually the Awesome Oscillator and the Parabolic SAR also followed suit.
Thus, price headed up to the major Fibonacci retracement level of 61.8% at 440, where, as I've circled in red, it's been tested twice already. Will price test it for a third time today? Arguably, since we still have a lot of the technicals showing bullish signs. Whether it will be broken, I doubt - due to the fact we're seeing the AC as red, and actually, on the Daily timeframe if we perform a longer Fib study, we can see that the 23.6% Fib is providing decent resistance:
Binance Trial on Ice in Nigerian Court as Lawyers Demand Missing Documents
Network, Learn, Grow | FMAS:24
Network, Learn, Grow | FMAS:24
Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
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Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
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Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates. Connect with us today:
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Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
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Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
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Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
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Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
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Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
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