📈 Review of the current situation 🕵️♂️
Technical analysis of Bitcoin (BTC): Detailed analysis of the chart 🌐
Current position of Bitcoin on the chart 📈
In the presented chart of the 4-hour time frame BTC/USDT on Binance, you can notice several key features that may affect the further movement of the Bitcoin price.
Moving averages (MA):
MA (25, 99) 📉: Bitcoin is trading between the medium-term MA (25) and long-term MA (99), which may indicate sideways movement or uncertainty in the market. This range of fluctuations indicates possible points of resistance and support.
Ichimoku Cloud:
☁️ Bitcoin is under the Ichimoku Cloud, which is traditionally a bearish signal. A price breakout through the cloud and consolidation above it may signal a change in the trend to an upward one.
Parabolic SAR (SAR):
🔴 SAR points are located above the price chart, which supports the downward trend and can serve as a signal to sell.
Support and resistance levels:
Resistance levels 🚫: Highlighted with purple rectangles on the top of the chart. These levels can provide significant resistance to the price on the way up.
Support Levels 💪: The purple rectangles at the bottom of the chart represent areas where price may find support if it continues to fall.
Trading volumes:
📊 Volumes remain relatively stable with some peaks during sharp price movements. Increasing volumes on breakouts can confirm the strength of the trend.
Analytical forecast and strategies 📝
Bearish Scenario: If Bitcoin continues to hold under the Ichimoku cloud and breaks the nearest support level below, it could accelerate the downtrend with potential targets at subsequent support levels.
Bullish scenario: An upward breakout through the Ichimoku cloud and breaking through the nearest resistance level may lead to a change in the downtrend and further growth until the next resistance.
Recommendations for traders 💡
For sellers: Watch for price support under the Ichimoku cloud and SAR dots above the chart. Consider opening short positions on support breakouts with clearly defined stop losses.
For buyers: Look for confirmation of a breakout through the Ichimoku cloud and consolidation above it, which may indicate the beginning of an uptrend. Enter long positions after breaking through resistance levels with limited risk.
Conclusion 🔄
The current state of Bitcoin requires careful analysis and preparedness for rapid changes in market conditions. It is important to use a combination of technical indicators and monitor key levels to determine the best entry and exit points in the market
