BTC USD Alert: Critical Support and Resistance Levels Signal Potential Market Shift!

The $BTC USD pair on the 4-hour chart reveals a landscape characterized by recent price fluctuations and critical support and resistance levels that traders should be aware of. Currently, the Bitcoin price is trading around key technical indicators which offer insights into potential future movements.

#BTC is oscillating between significant support and resistance levels. The nearest support levels are at $65,463.99 and $61,937.4, with a more distant support at $61,277.37. These levels have historically acted as strong floors, preventing further decline and potentially serving as entry points for long trades.

On the upside, resistance levels are marked at $68,245.71, $69,436.43, and a more ambitious target at $71,108.0. The resistance at $69,436.43 is particularly critical, as a break above this level could signal a bullish trend continuation towards the higher resistance of $71,108.0.

The 9 EMA currently trends slightly above the 20 EMA, suggesting a short-term bullish momentum. However, the overall trend remains cautious as the EMAs begin to converge, indicating a potential period of consolidation or reversal.

Meanwhile, the MACD line is below the signal line, and the histogram has been negative for the past sessions, showing increasing bearish momentum. This suggests that bearish pressure might continue unless there is a significant change in market sentiment.

RSI values have ranged between 55.18 and 47.01, hovering around the midline of 50. This neutral stance implies that neither bulls nor bears are currently in control, and the market could swing in either direction based on upcoming catalysts. #Bitcoin❗️ #Bitcoin(BTC) #BullorBear
The full analysis and trade strategy were originally posted on ecoinimist.com.