$BTC 4 Hour timeframe #makemoney
Here's a detailed analysis of the Bitcoin chart, highlighting support and resistance breakouts:
1. Support Level: The support level around $67,000 has been tested multiple times, indicating strong buying interest at this price point.
2. Resistance Level: The resistance level is approximately $69,000, where selling pressure has previously halted upward movements.
3. Current Price Movement: Bitcoin is currently consolidating between these support and resistance levels, showing indecision in the market.
4. Potential Breakout Scenario:
- Bullish Breakout: A breakout above $69,000 with increased volume could signal a bullish trend, targeting higher levels near $71,000.
- Bearish Breakout: Conversely, a drop below $67,000 could indicate a bearish trend, potentially leading to further declines.
5. Volume Consideration: Watch for increased volume during a breakout, as this confirms the move and reduces the likelihood of a false breakout.
6. Retest Opportunity: After a breakout, a retest of the broken level (either support or resistance) can offer a potential entry point for those who missed the initial move.
