The 4-hour Bitcoin K-line has formed a bearish arrangement, sending a bearish signal📶. Where will it drop to? 3-minute market analysis.
MACD: In the 4-hour cycle, both DIF and DEA are negative and the MACD histogram is below the zero axis, indicating that bearish strength still dominates in the short term. The daily MACD shows signs of a death cross, which is also bearish.
RSI: The 4-hour RSI is approaching the oversold area but has not fully entered it, showing a certain rebound demand; the daily RSI has pulled back from the overbought area and is currently around 42, showing weak market sentiment.
Moving Averages: The current Bitcoin price has fallen below the yellow 20 moving average, blue 60 moving average, and red 120 moving average, forming a bearish arrangement trend, which is bearish. The daily price has also fallen below the yellow 20 moving average, showing a downward trend.
To where will this wave of decline drop? From the second chart of Bitcoin's daily level, we know: 1. The blue 60 moving average is the support level at the $90,000 integer level; 2. The red 120 moving average support level is at $82,000.