• English
  • 简体中文
  • 繁體中文
  • Tiếng Việt
  • ไทย
  • Indonesia
Subscribe
Real-time News
On April 4, local time on April 3, U.S. Secretary of Health and Human Services Robert Kennedy Jr. said that about 20% of the layoffs in the Department of Government Efficiency were wrong and needed to be corrected. The U.S. Department of Health and Human Services laid off about 10,000 people on the 1st. Kennedy said that people who should not have been laid off were laid off, and the department is restoring their positions. Kennedy said that canceling the entire lead poisoning prevention and monitoring department of the Centers for Disease Control and Prevention was one of the mistakes. At present, it is unclear what other projects Kennedy may plan to restore.Bank of Japan Governor Kazuo Ueda: Will consider the impact of food costs on consumers.On April 4, local time on the 3rd, the automobile company Stellantis said that due to the impact of the US import automobile tariff policy, the company decided to lay off 900 employees in its five US factories and suspend production operations at two assembly plants in Canada and Mexico. Antonio Filosa, Chief Operating Officer of Stellantis Americas, said that the US factories that were laid off were powertrain and stamping parts factories, which produced spare parts for two assembly plants in Canada and Mexico. According to the plan, the assembly plant in Canada will stop production for two weeks, and the assembly plant in Toluca, Mexico will suspend production throughout April. Filosa said the company is "continuing to evaluate the medium- and long-term impact of tariffs on operations."Bank of Japan Governor Kazuo Ueda: Non-weather factors may push up food prices.Bank of Japan Governor Kazuo Ueda: Price changes in goods frequently purchased by households may affect consumer sentiment and the underlying inflation rate.

Diverse Time Frames for BTC Forecasting

Drake Hampton

Apr 06, 2022 10:13

Technical Analysis of Bitcoin

Bitcoin is still forming a foundation above the critical 61.8 percent Fibonacci retracement mark, which is currently around $44,000. As of 3:30 p.m. EDT, Bitcoin is trading at $45,600, down 2% on the day (Coinbase). Although Bitcoin looks to be wedged between horizontal lines extending from support at the 61.8 percent retracement on the bottom to resistance at the 200-day moving average on the top, the picture reveals a different story at other time frames.

Weekly Bitcoin Forecast Chart

Through the lens of a weekly chart, our forecast of a two- to three-month accumulation phase preceding a new all-time high appears to be playing out. We have already stated that the accumulation period will likely mimic the one observed last year, which lasted from mid-May to August.

 

As illustrated here, both the accumulation phases last year and this year up until a few weeks ago lasted the same amount of time, culminating in a big upside surge in the twelfth week following the formation of a base.

 

image.png 

4 Hour Chart Bitcoin Forecast

image.png 

 

A 4-hour candlestick chart illustrates that after reaching a pinnacle of $48,245 on March 28th, Bitcoin entered a compression triangle. In this case, the triangular pattern with a compressed range forecasts that Bitcoin will likely surge to the upside when the apex is reached (sometime in the next three days).

 

When a market makes a sequence of higher lows and lower highs, this is referred to as a compression triangle. To create this pattern on any chart, connect at least two of the highs and extend the line forward in time, then connect at least two of the lows and extend the line. The intersection of these two lines is referred to as the apex. When a market breaks out of this pattern, it frequently does so in the direction of the trend preceding the triangle's entry, which is higher in BTC.

 

Three days from now, Bitcoin's current triangular shape will come to an end. It should be noted that markets rarely remain within the triangle's confines all the way to the pinnacle before breaking out. Thus, three days is the maximum amount of time until we see a change in pricing, either higher or lower, which is likely to occur within the next day or two.

 

Another approach traders forecast price is by measuring the distance between the triangle's widest and narrowest points and utilizing that distance to forecast a price objective once the triangle's widest point is breached.

 

By employing this strategy and assuming an upside breakout, we can forecast a goal for the rally's conclusion, and a decent position to take profits is right around $51,000.