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BTC bull(ish) 4h chart November 2nd 2022

We are checking the 4h chart on the BTC for our next major trade. We are seeing multiple touches on the descending diagonal starting from June and a breakout on the 21st of October. Price is now forming what we believe to be an ascending triangle. If it breaks up to, we're targeting the 24.500$ area first.

Bitcoin 4h chart :

The break to the upside is measured following the last break attempt that ended on the 13th of September.

RSI (14) stands just above the median level at 52 points.

Stoch RSI (5) is coming up from the oversold area and should travel to overbought soon.

Elliott waves rules tell us that the breakout should be at least equal to the first measured move. Simple math : 18k to 25 = 7k. So if we apply a 7k increase to the breakout from 25k the result puts us at roughly 32k. As you can see on chart this matches up perfectly with the May 2022 top.

In conclusion probably we're going to see a reduced rate hike going into Wednesday, as the Governments usually follow the markets and not the other way around.

Happy hunting !

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Disclaimer : the opinions presented in our report are our own and DO NOT CONSTITUTE FINANCIAL ADVICE. Cryptocurrency trading is a very risky endeavour. You can and probably will lose your money if you do not do your own research.

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