BTC USD 4HR CHART

Hello friends, today you can review the technical analysis idea on a 4H linear scale chart for Bitcoin ( BTCUSD ).

Bitcoin price broke above an Inverse Head and Shoulders Pattern which was forming over the past few days. The measured move is shown on the chart. There is a Local Support and Resistance Trend Line which has been holding the price down for a while which Bitcoin needs to get above and it is currently trying to get above it. The line is also at the 0.618 Fibonacci Retracement area where there is also a strong support and resistance zone. There is Ichimoku Cloud support and resistance ahead. The price has made its way above the 4H EMA ribbons. RSI is currently facing a major resistance area . The MACD crossed bullish recently. Volume has been consistent over the past few days. Until Bitcoin price does not break above the local S/R line, it is still looking concerning.

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