#Technical outlook for #Bitcoin is bearish in the short term.


The chart you sent me is a 4-hour candlestick chart of Bitcoin (BTC) against the US dollar (USD), displayed on TradingView. The timeframe is from February 12, 2024, 00:00 UTC to February 13, 2024, 05:20 UTC.

Overall, the chart shows that Bitcoin is in a downtrend. The price has been falling since February 10, 2024, and has made several lower lows during that time.

Support levels:

$49,915: This is the price at which the downtrend began on February 10, 2024. It has been tested and broken twice since then, but it could still act as support in the future.$49,800: This is a horizontal support level that has been in place since January 24, 2024. It has been tested and broken once, but it could still act as support in the future.

Resistance levels:

$50,200: This is the high from February 12, 2024. It is a minor resistance level, but it could still prevent the price from rising in the short term.$51,000: This is a horizontal resistance level that has been in place since January 29, 2024. It is a major resistance level, and it is likely to prevent the price from rising significantly in the near future.

Key resistance level:

$51,000: This is the most important resistance level on the chart. If Bitcoin can break above this level, it could signal a change in trend. However, if it is rejected at this level, it is likely to fall further in the near term.

Other:

The volume is decreasing as the price is falling. This is a bearish sign, as it suggests that there is less interest in buying Bitcoin at lower prices.The Relative Strength Index (RSI) is below 50. This indicates that Bitcoin is oversold, but it does not necessarily mean that the price will rebound soon.

In conclusion, the technical outlook for Bitcoin is bearish in the short term. The price is likely to fall further unless it can break above the resistance level at $51,000. #BTC #TrendingTopic #Launchpool