BTC printing HL on 4HR
2024-10-26

Hi all, 

This is my 3rd post and I'd love to share a very simple idea with you. No excessive indicators, just simple SR and factual information. 

On the 4hr #BTC we can observe a peak to about 69,500 USD with the RSI gradually moving lower (sorry, Im using the free version and do not have the ability to show more than 3 indicators). 

Eventually, a steep drop followed to the support at about 65,200 USD with a wick closing above 66,400 USD. We had quite a nice recovery to 68,850 USD followed by the same steep drop to 65,500 this time and a wick closed above 66,700 USD leading to a higher low. Another important fact, is that the price wicks towards the 100 SMA on the 4HR (which is rising) leading to strong buying pressure and higher lows. 

The last drop occured due to the Israel - Iran bombings, which was a great way to use externalities in retesting a support. 

Three things can be observed here:

- A test of our ATH cluster
- A breakdown to the 65k support & 100SMA on the 4hr TF
- Retest to 68,850 (which is a LH btw), followed by a breakdown and retest of support at 65,5k which coincides with the rising 100SMA on the 4hr TF and, eventually a HL. 

What does that mean? 

It means that, if we keep this structure, the only way is UP. Im expecting the move to reveal within the next 48 - 72 hrs. 

Let's see, though. Geo situation is very dynamic and the crypto market has proven to be quite sensitive to whatever events. 

Good luck yall. 
*This analysis is based purely on my personal observation and should serve as educational material. It is not a financial advice by any means. 