4 Hour Chart Shows Bitcoin Downtrend To Continue

#bitcoin #ta

Bitcoin 4 Hour Chart

Traders,

Today, I am watching the 4-hour chart which confirms that our downtrend is still intact (see green channel). Until we break above 64.4k, we continue to form lower highs and lower lows. Should the trend continue, by the end of the day, we will also have our confirmation on the daily that I talked about in yesterday’s post:

Bitcoin Has Broken Important Support

As I also talked about yesterday, we have two targets down (purple lines). One is an ascending TL which comes for the daily chart (approx. 55k) and the other one is the neckline of a long-term inverse h&s pattern on the daily (approx. 48k). We could wick down and touch that neckline for a quick retest as well.

The RSI TL also comes from the daily but is offering good forward insight on what will probably continue to be a downtrend over the next several weeks. Again, we’ll confirm this with today’s candle close on the daily.

Overall, alts seem to be holding up nicely. I will continue to hold until stopped out but will likely look to re-enter fairly quickly as I am not wanting to miss out on any upside movement. When Bitcoin does settle on support (probably following the U.S. stock market), it will take off quickly and form some large bullish candles into the remainder of the year. Alts will exaggerate this upside movement.

Finally, a reminder that paid subscriptions will start back up today. I will unpause before the close of the day. You should receive a notification from Substack once this is accomplished.

Best,
Stew