#nextmove #tradingtechnique $BTC BTC/USDT 4-Hour Chart Analysis
Based on the BTC/USDT chart (4-hour timeframe)
Technical Analysis
1. Exponential Moving Averages (EMA):
EMA 10 (Yellow): At 93,947, acting as immediate dynamic resistance.
EMA 55 (Pink): At 96,289, representing a key level to overcome for a potential short-term trend reversal.
EMA 100 (Purple): At 96,620, serving as another resistance in a recovery attempt.
EMA 400 (Green): At 91,952, currently providing dynamic support. The price trading above this level suggests a possible bounce.
2. Support and Resistance Levels:
Key Resistance: At 94,685 (24-hour high) and 95,696 (near the EMA 55 level).
Key Support: At 91,203 (24-hour low) and 91,952 (EMA 400).
3. Volume Analysis:
A noticeable increase in volume during recent red candles indicates that selling pressure dominated. However, this could also signify absorption by buyers.
4. Current Trend:
Prevailing Downtrend: Evident from the bearish crossover of EMAs (EMA 10 and EMA 55 below EMA 100).
Potential Bounce: The price is attempting to break above EMA 10. A successful consolidation above this level may pave the way toward EMA 55 (96,289).
Projections and Conclusion
1. Bullish Scenario:
If the price breaks and closes above 94,685, it could target 96,620 (EMA 100) and move toward the 98,231 level.
2. Bearish Scenario:
A loss of support at 91,952 (EMA 400) may push the price toward the recent low of 91,203, with further downside potential to 90,627.
3. Key Indicator:
Observing price behavior around EMA 10 (93,947) and monitoring volume in this area will be crucial. Increased bullish volume would confirm buyers' intention to regain control.