BTCUSD TECHNICAL ANALYSIS ON H4 TIMEFRAME
Bitcoin bulls were able to charge past the descending trend line visible on the long-term time frames to signal that a reversal from the selloff is due. However, price has stalled around the area of interest at $10,000 so a pullback might take place first.
Applying the handy-dandy Fib tool on the breakout move shows that the 50% level is close to the broken trend line while the 61.8% level coincides with another area of interest.
The 100 SMA just crossed above the slower-moving 200 SMA to confirm that buyers are taking control, but stochastic has some room to head south before reflecting oversold conditions.