BItcoin Charts 4/30/2024

Good morning! I hope everyone is doing well and enjoying their week in the markets.

Today is Tuesday, April 30th. The last day before "sell in may and stay away" until October 31st and the Cryptomarkets are reacting! Hahaha, of course that saying does not hold too much weight over cryptomarkets, but as we continue to correlate crypto with the overall markets such as SPY and with the increasing attention brought to Bitcoin, it might be an indicator of a short term reversal.

Anyways, let me take a look at the charts!

There is a few things to mention about this chart.

The handle is forming on the Weekly Cup and Handle!

The VI is neutral, buyers still have strength on the Weekly.

The RSI is neutral at the current level

If the triple top is playing out into a bull flag, then the price has rejected off the bottom of the flag on the weekly for now. This wouldbe the 3rd week that the price could not break the flag out to the downside.

This is as big of a buyer / seller battle here as you could ever get. Lots of buying liquidity taken out as the sellers still remain at the highs.

The price has broken below the Symmetrical Wedge into the Weekly flag. Buyers will need to hold up the price or we will be headed much lower. Possibly to the 200EMA on the Daily.

Buyers are loading a "safety net" at the $50,000 - $51,904 range

Sellers are staying strong at the $69,619 - $71,261 range

If the sellers move the price to close below these candles, not much is in the way down to the buying liquidy down there.

Liquidity battle occuring right now on the 4 hour chart.

Sellers appeared at the $63,424 - $64,316 range

Strong sellers at the $65,915 level

Again, if the price breaks below the buyers who "cooincidentally" appeared at the bottom of the Weekly Bull Flag, then the probability of moving a lot lower is higher than a reversal. Remember, the sellers already broke the symmetrical wedge on the daily. This could be the beginning of more lows.

About the same setup from the 4 Hour is on the 1 Hour

Buyers trying to keep the price above the Weekly Bull Flag

Sellers keeping Bitcoin pinned to the lows up there at the $63,816 range

The VI is overextended to the sell side

The RSI is about to approach oversold to the downside. We could see a move to the lows

Buyers look like they have lost the tape here, but are trying to reclaim it.

The VI is rotating to the buy side

There is a possible Bear Flag building

The RSI is neutral low, which could change back to an overextended low for more downside

Sellers are still keeping Bitcoin pined to the lows.

Sellers appearing at the top of the Bear Flag, which means they might be thinking the price could go lower

Sellers entered at the $61,635 - $61,763 range, and the $61,971 - $62,124 range

The VI is leaning to the sell side

The RSI is neutral for now

As I mentioned, this is a huge buying / selling war going on at the level before the next possible break out to either direction.

The VI is neutral

The RSI is approaching the buy side

Oscilating volume is neutral

Buyers at the $61,094 level acting as support

Sellers at the $61,279 level acting as resistance

In totality, although Bitcoin is moving lower, it is essentially neutral on all time frames and will continue to be neutral unless we break out to either side on the higher time frames. I would hardly call this a large move.

On the daily time frame, this 15% move is actually pretty small for Bitcoin, considering that Bitcoin could make a 22% move to the upside over a fewer amount of bars and days.

From the charts:

It took Bitcoin over 20 days to get to this "new low"

It took Bitcoin over 4 days to make a gap up to the "new highs"

So relativly speaking, no move has been made yet. However, we are about to see if the price will move lower with volume if the sellers break below the Weekly bull Flag.

If the Buyers do step up and reject the price this week confirming the 3rd retest and rejection off the lows, then the Weekly Cup and Handle might take shape and we could see a new all time high. However, historically this is unlikely as 100% of larger moves have occured after 100 days.

Bitcoin's situation may be different due to its now much larger audiance and insitutional traders, but for that reason you have to remember its not just you and I playing the Cryptomarkets. Smart Money has entered the lobby and are here to stay and they do not like losses and will do what they have to in the long term to make up any losses experienced on larger moves to the downside.

Thank you for reading and all of the support! I hope you all have a great week in the markeks. I am still working on new Polgon Charts, but it is a bit more difficult to get right as it is not a stable coin. However, I will do what I can to provide a quality article and keep my information clear and effecient.

At the time of writing, bitoin is at $60,861