[Bitcoin Technical Analysis: BTC faces a continued downward trend under high selling pressure]
Currently, Bitcoin (BTC) is showing a continued downward trend in the short term. Looking at the 1 hour chart, Bitcoin price has been recording lower highs and lows, recently touching 63,501. Volume remained low, reflecting weaker momentum. If a reversal is observed and volume increases, traders could consider an entry between 63,000 and 63,500, with a target exit point set at resistance near 67,000 or higher.
On the 4-hour chart, the same significant downward trend is shown, with Bitcoin price falling significantly from 67,260 to 63,501. Heavy selling pressure can be seen in the distinct red volume bar. A bullish reversal near the 63,000 support, accompanied by increasing buying volume, would be a suitable entry point. Exit strategies should target the previous resistance at 67,260 to secure potential gains.
Looking at the daily chart, from a high of 71,958 on May 20, Bitcoin price fell to a low of 63,501 today, maintaining a clear downward trend. Continued selling pressure is evident. Long-term traders may find an entry point when price stabilizes at 63,000 and displays a strong reversal pattern such as a bullish engulfing candlestick with higher volume. An exit is recommended near the 67,000 to 68,000 levels, where historical price action suggests resistance there.
Oscillators appear neutral overall, with RSI at 36, Stochastic at 9, CCI at -134 and AO at -2808. The Momentum indicator is giving mixed signals; the Momentum indicator indicates a bullish signal, while the MACD Water criterion indicates a bearish move. These conflicting signals highlight the need for caution and careful analysis before making trading decisions.
In summary, while Bitcoin is currently trending downward, a strong bullish reversal signal near $63,000, accompanied by increased trading volume, could be a good opportunity to enter the market. Exit strategies should be set based on resistance levels and pay close attention to market trends and changes in technical indicators.
