#bitcoin UPDATE
Bitcoin is currently following a descending triangle pattern in the 4-hour time frame, and the Fear & Greed Index has dropped from 72 to 60. The 4-hour RSI (14) is currently trading below 70, while the 1-day RSI is showing a value above 80. The volume indicator is not indicating high selling pressure, as it approached its resistance level of $36,000. Bitcoin faces significant resistance levels at $32,000, $36,000, and $40,000. However, Bitcoin has managed to break the $32,000 level and is currently holding at $34,000, suggesting a potential break of the $36,000 level. Historically, Bitcoin has experienced dumps before halving events.
In conclusion, it is advisable to refrain from trading Bitcoin until it exhibits a clear upward or downward movement. If Bitcoin rallies upwards, there is a good chance it will break the $36,000 level. On the other hand, if it experiences a downturn, a target range of $20,000 to $24,000 appears reasonable.
