BTC Trend Analysis
The 4 hour chart is starting to look interesting. Trend appears to be wedging into a flag / ascending wedge depending on the lines. The VWMA lines are thicker. When they are above the SMA line, that is a signal there has been solid volume above the current average - watching this in the red ribbon, you can really see how long it took to shake off the last selloff. (Red ribbon squeezes on oscillator for months).
Alerts are set on the 50 VWMA and MA lines. Low overhead pressure on the volume profiles indicate this could very easily trend towards 6k. Moving averages are catching up. Retracement to the 50 MA or a short ways below (5k-4800ish max on chart) is technically possible. Watching volume profile around the 5k range tells another story, there has been lots of buyers there and seems to be one of the cases where whole numbers create points of support/resistance on charts.
Watching where I put the arrow on the 50VWMA for a turn. Last time there was a two step move, the price got near the 50 VWMA but didn't hit it. Lets see what happens!
Alerts are set on the 50 VWMA and MA lines. Low overhead pressure on the volume profiles indicate this could very easily trend towards 6k. Moving averages are catching up. Retracement to the 50 MA or a short ways below (5k-4800ish max on chart) is technically possible. Watching volume profile around the 5k range tells another story, there has been lots of buyers there and seems to be one of the cases where whole numbers create points of support/resistance on charts.
Watching where I put the arrow on the 50VWMA for a turn. Last time there was a two step move, the price got near the 50 VWMA but didn't hit it. Lets see what happens!
Note
The 50 VWMA confirmation signal showed up on the chart today!Note
I drew the orange circle last night. I lost the work on a new chart I was going to publish and found this one when loading old charts. This trend was already starting just not charted yet, driven by the release of the 20 VWMA squeeze Apr 6
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.