Bitcoin Price Slips Below Key Support Signaling Further Declines

The #Bitcoin❗️ price has exhibited notable price movements on the 4-hour chart, presenting intriguing opportunities for traders. As of the latest analysis, BTC’s closing prices have shown a gradual decline from $64,869.99 to $63,705.39. The 9 EMA and 20 EMA values further confirm this downward trend, indicating bearish momentum as the shorter-term EMA remains below the longer-term EMA.

The $BTC price is currently testing crucial support at $63,740.48. If this level fails to hold, the next support zones are at $63,437.55, $63,165.19, and $62,862.14. On the upside, resistance levels are marked at $63,842.02 and $63,866.0. A successful breach above these resistances could signal a reversal and potential upward momentum.

The MACD line has consistently remained below the signal line, with a growing negative histogram. This suggests increasing bearish pressure. Meanwhile, RSI values, hovering around 34, indicate oversold conditions. This might lead to a short-term bounce back or consolidation.

Given the current setup, traders should monitor the $63,740.48 support closely. A break below this level could open the path towards the next supports at $63,437.55 and $63,165.19, presenting potential short opportunities with exits around these levels.

Conversely, if the #Bitcoin price manages to hold above the $63,740.48 support and breaks through the resistance at $63,866.0, it could signify the start of a bullish reversal. Traders might consider long positions above this resistance, targeting the next resistance levels for potential exits.

The prevailing bearish indicators, as evidenced by the MACD and EMAs, suggest caution for long trades in the short term. However, the oversold RSI could imply an upcoming corrective move or consolidation, providing potential entry points for those looking to capitalize on short-term price rebounds. #TrendingInvestments
The full analysis and trade strategy were originally posted on ecoinimist.com.