BTCUSDT: Key Level Analysis Update on 30-minute chart 2024/05/04
Updated
Currently, the price is hovering around the Median 50% area and above the Moving 50% line, residing within the 4-hour resistance zone.
A bar-to-bar divergence has emerged between the closing price of green candles and RSI, signaling a potential weakening momentum. Interestingly, despite this divergence, the "Predict Beta" indicator has indicated an upward bend, suggesting a possible bullish pressure. However, the AR Forecast Scatter Plot indicator (by Steversteves) projects price rejection at the 4-hour resistance level.
Given this mixed scenario, the market appears uncertain. As a precautionary measure, I would place buy limit orders at 62350 (Previous Median) and 61760 (Lower 50%). For short positions, I would set a stop market order at 62895, with a stop loss and take profit ratio of 1:2
Note: Predict beta indicator is not published yet in Tradingview
/please DYOR/trade at your own risk
A bar-to-bar divergence has emerged between the closing price of green candles and RSI, signaling a potential weakening momentum. Interestingly, despite this divergence, the "Predict Beta" indicator has indicated an upward bend, suggesting a possible bullish pressure. However, the AR Forecast Scatter Plot indicator (by Steversteves) projects price rejection at the 4-hour resistance level.
Given this mixed scenario, the market appears uncertain. As a precautionary measure, I would place buy limit orders at 62350 (Previous Median) and 61760 (Lower 50%). For short positions, I would set a stop market order at 62895, with a stop loss and take profit ratio of 1:2
Note: Predict beta indicator is not published yet in Tradingview
/please DYOR/trade at your own risk
Note
the price decided to go bullish and break out from the 4hr resistance area as indicated by the 'predict beta' upbend.Note
the price went up as indicated by a bullish divergence in the 15-minute time frame (not shown in this chart). This could also set a new higher high.
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