BTC_update. BTC now-9397                             Let's have a quick description of the above setup.

1) First, we have the higher low which we mentioned in previous update
2) Prices are now trading below EMA10 and we have decreasing trading volume , going lower and lower.
3) A recent rejection of prices while they tried to move and close above EMA10.
4) We are seeing long wicks pointing down.

After the strong growth of Bitcoin, I believe it will soon collapse again. The price of BTC is sideway to wait for more fries to buy bitcoin, then they will kick down the price of bitcoin again. Bitcoin halving is usually like that, we should set a lower buy price for bitcoin and wait. Buying BTC now is a pretty risky decision.

Don't know how you can do any trading with a chart like that, its impossible to see the candles properly.  Regarding your analysis the decreasing volume doesn't always mean anything. Sometimes it means a reversal will come and sometimes it doesn't. Look at the daily and what happened when we engulfed the 8K area a few weeks back. People were saying that its going into resistance and volume is trending down and they shorted the $8K area and got wiped out pretty bad.

Right now as long as $8700 or so holds then I am pretty sure we might get a $10K retest and maybe break the $10.5K price which was the resistance made by the Xi pump and the high of Feb 2020 before all the coronavirus mess started which made all the markets around the world reverse into bear market territory. Right now its not the time to be bearish.

Rising on declining volume and OBV divergences are usually seen as bear flag behavior, but BTC is more unpredictable than most assets in this department. Something to do with its lack of liquidity and tendency towards FOMO and panic.


It's a fine time to be on the sidelines, unless you're long from much lower. Potential is building for a big move in either direction. Bulls seem very confident, which makes me cautious. The daily and 4-hour price action is admittedly bullish, but until $10.5K is broken, I'm not convinced.

I've been here (long term downtrend, right below huge technical resistance) many times before, and it's a dangerous time to be bullish too.

I have the same feeling here. I think that in the next few weeks we are going to be seeing the effects of the self-fulfilling prophecies as the market is expecting that there can be some dips post-halving. On the same vein, people are expecting that towards 2021, Bitcoin can be accelerating greatly. Bitcoin remains a very elusive type of beast, and we don't really know what can be. So we might as well sit back, relax and just enjoy the ride.

Yeah, most of the time volume can be view as a confirmation or rejection. So it has it's merit, but we all know that bitcoin is very different market, could trade sideways and then have a breakout in the next couple of minutes.


I guess we are still somewhat in the post-halving bullish trend. We went as low as $9300 but it seems the price bounce back very quick. Conversely, right now it's not the time to be shorting BTC.

Might be but Verily posiible to increase slowly as a Consequence of halving. Btc still standing upto $9800, a very good position. No major impact of corona is noticed. So verily posiible to pump soon and holding btc is better Choice

Bitcoin is really standing strong.

I'd say we're going up from the low in March and had a nice bullish breakout in April followed by a small crash that was stopped when traders were saing that it's the end of this pre-halving bullish phase.

We did not come back like a dead cat bounce. It looked more like the strong demand brought us back where we were suposed to be which is above 9000 dollars.

I doin't get why OP is looking at 4h. Most people look at 1d and that's still looking good.

This is still a prediction, however, after this prediction was made, the price of bitcoin has strengthened and is approaching $ 10k. in fact, if many people use bitcoin, and mining is slow, then the market will be the main place to get bitcoin. just thinking about this, I feel that the price of bitcoin will increase. Well, I agree that what we see is a vision of long-term development. if there is a decline in the near future, then I speculate that there will be a big recovery after that.

It could be, the decrease of trading volume will be the most noticeable when talking about the possible drop. People are still following the halving trend wherein in a span of 6 or so months after the halving the price tends to slow down a bit before it will initiate a good run.
Nevertheless, the chart is showing some strong signs of the possible Bitcoin drop. It will be a good thing for those who wish to have a good buy.