Over the last 24 hours, it touched a high of $69,358.00 and a low of $67,478.73, showing a moderate upward movement (+0.57%).
2. Support and Resistance Levels:
Support Level: Closest support sits around $67,478, indicating where buying interest previously strengthened.
Resistance Level: Immediate resistance is near $69,358. Breaking above this could set the stage for a stronger bullish trend.
3. Moving Averages:
50-Period Moving Average (4h): If BTC/USDT is trading above the 50-MA, it suggests an upward momentum in the short term.
200-Period Moving Average (4h): A price above the 200-MA strengthens the longer-term bullish outlook.
4. Relative Strength Index (RSI):
RSI around 55-60 typically suggests bullish momentum without being overbought.
If the RSI is gradually moving toward the 70 mark on the 4-hour or daily timeframe, it could indicate continued buying interest and support for a bullish trend.
5. MACD (Moving Average Convergence Divergence):
The MACD line crossing above the signal line and remaining in positive territory would reinforce the bullish sentiment.
A widening gap between the MACD and the signal line shows strengthening bullish momentum.
6. Volume Analysis:
24-hour volume of 1.69B USDT is relatively strong, indicating sustained interest. Increasing volume on bullish days further supports a positive outlook.
7. Price Action:
A close above $69,000 on the 4-hour or daily chart could confirm bullish sentiment.
Look for higher highs and higher lows, a typical indicator of a bullish trend.
Bullish Scenario:
If BTC/USDT breaks above the $69,358 resistance and sustains its position, with supportive indicators like rising volume and a bullish MACD crossover, it could initiate a bullish trend toward $70,500 - $71,000.
Regularly monitor these indicators, as market conditions can quickly change. This analysis is suitable for short- to mid-term trading, aligning with a bullish outlook if BTC maintains upward momentum above resistance levels.
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