BITCOIN Quick buy opportunity

5. Aug. 2020

Unlike what I usually publish, this is a very short-term idea on Bitcoin on the 4H chart, where I see the following:

- A strong accumulation zone in the form of a Channel Up, where the price is mostly consolidating and buyers are accumulating.
- A Support Zone (green region) which has been instantly and very aggressively bought twice.
- A Resistance Zone (red region) which is the 2020 High so far and was sold aggressively.

While the LMACD is forming a buy pattern, the RSI is descending, indicating a weakness on the current trend. Keeping the above Support/ Resistance levels in mind, Bitcoin seems to be on the final 4H consolidation zone before a Resistance test. This quick buy signal should be taken very cautiously due to the relative strength weakness.

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