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BTC Multi Time Frame Analysis

BTC Weekly Time Frame

Bitcoin had an important weekly close last week finally closing above the importan Fib level of .236 at 7073USD. This is a good signal on a HTF chart that price will continue to uptrend for the remainder of this month into May.

The time frame chosen for analysis will give you an idea of the weight that analysis will carry, the higher the time frame (e.g. weekly, monthly) the stronger the signals are. As everything in technichal analysis this is subject to variations depending on other factors and one should be sure to always drop down to lower time frames to fins confluence.

4-25 Weekly BTC chart

Daily Time Frame

The daily time frame remains in tact with the overall weekly trend, showing strong price movement upwards. As reported by me the other day, I said BTC would be the first asset to reach pre-March crash levels out of all the financial instruments that suffered a deep price spike downwards on March 12th and 13th. Yesterday Cointelegraph announced that BTC had recouped 100% of it's losses from March lows. While this is a bit misleading since if you invested in the first two weeks of March you are still at a loss. What they meant is that from it's 3.7k lows, the price has now doubled.

BTC daily chart

Take a look at the RSI on the weekly and compare it to the position of the daily. It seems to be that the daily still has another push into the 8500-9000 range to pull the weekly above the 50 mark on the RSI. Is in confluence with the bullish market sentiment and weekly fib level close above 7073.

BTC search results

Bullish market sentiment can be seen when looking at a dew indicators, the most organic of which is a qucik search of the word "Bitcoin" on a search engine and examining the suggested results. Notice that Forbes and Bloomberg have been reporting on this recently, which is not typical for them. Also reporting on BTC, but with a bearish market sentiment was the Financial Times yesterday. The report stated that the journalist has a bad feeling abou BTC beacuse the Economist posted some bullish "research report" for Crypto.com and they saw this as being hsady because the fact that it was sponsored by Crypto.com wasn't well disclosed in the tweet. One quick read of this article and it is clear the writer does not understand the idea behind BTC or it's value. you can read the article yourself here.

Hourly Time Frame

BTC hourly chart

Finally dropping down to the hourly time frame we see more bullish signals. Note the yellow trend lines. This is a bullish divergence in price and RSI values, albeit a small one but a divergence none-the-less. The divergence occurs when the price of BTC charts a higher low and the RSI charts a lower low. That signals the sellers are losing control over their market hold.

Hourly time frames are best dor deriving an intraday bias and not a long term one. This is the least strong of the signals but should be accounted for regardless.

Final Remarks

Offcially, as indicated on the daily chart, I see a resuming of the uptrend we saw begin in 2020 which was cut short in March. Overall this has just allowed more ivestors to accumulate BTC. This means, specifically, that there will be around a 38% increase in the next 38 days or so, retaking the 10k range by June 1st. This will not be without corrections, the first of which will likely come sometime in early May after a month of green candles.