Bitcoin Technical Analysis: Mixed Signals Indicating Neutral Momentum
As of Nov. 25, 2024, Bitcoin (BTC) has been trading between $97,076 and $97,547 in the past hour, showing a solid bullish trend across various timeframes. However, technical indicators reveal a mix of neutral momentum and buy signals, hinting at further growth potential while emphasizing the need for caution around key levels.
1-Hour Chart Analysis:
BTC bounced back from a local low of $95,796 and steadily climbed toward the $98,966 resistance. Momentum appears to be losing steam as volume decreases near the highs. A pullback to $97,000 with supportive volume could provide a solid entry point, while exits near $98,900 might be prudent to capitalize on potential rejections.
4-Hour Chart Analysis:
Since the Nov. 22 low of $91,400, BTC has seen a significant rally but now faces resistance near $99,800. The initial push had strong volume, which has since tapered as the price approaches key levels. Breaking above $99,000 with rising volume could be an opportunity, with targets near $100,000. However, signs of a reversal should not be ignored.
Daily Chart Analysis:
Bitcoin’s broader trend is bullish, climbing from $65,000 to its current levels. Still, momentum has slowed as it nears the psychological $100,000 resistance. Volume is declining, signaling caution. Breakouts above $100,000 or retests of $95,000 support could present good entry points. Taking profits near $100,000 might be wise unless further upside momentum is confirmed.
Momentum Indicators:
Oscillators like RSI, Stochastic, and CCI show neutral readings, indicating neither overbought nor oversold conditions. While the momentum oscillator gives a sell signal, the MACD offers a contrasting buy signal. Bullish moving averages (EMA/SMA) across timeframes continue to support a positive long-term outlook.
