Based on the updated chart (4-hour timeframe) and the current Bitcoin price of $94,200,
Observations from the Chart:
1. Rising Channel:
• Bitcoin appears to be trading within a rising channel. The upper and lower trendlines act as dynamic resistance and support.
• The price is near the midline of the channel, suggesting equilibrium at this level.
2. Stochastic RSI:
• The Stochastic RSI seems to be turning downward from an overbought level. This signals a potential cool-off period or short-term correction.
• If it crosses into oversold territory, it could indicate a bounce near support.
3. Volume:
• Volume is relatively stable but not significantly increasing. This could indicate a lack of strong momentum on either side.
• A sharp increase in volume at this stage would confirm the next major move.
4. MACD and Momentum:
• The MACD histogram shows weakening bullish momentum. A crossover on the 4-hour chart would suggest a shift toward bearish sentiment.
• Momentum indicators are showing signs of consolidation rather than clear continuation.
5. Support and Resistance:
• Immediate support: Around $92,300 (marked by the stop level on the chart).
• Resistance: Near $95,500–$96,000, aligning with recent highs and a potential sell zone.
Key Scenarios:
Scenario 1: Pullback to Support
• If Bitcoin breaks below $94,000, the next key support zone lies around $92,300.
• A bounce at $92,300 would maintain the integrity of the rising channel, offering a potential long entry.
• Bearish signal: A close below the lower trendline of the channel (~$91,800).
Scenario 2: Continuation to Resistance
• If Bitcoin breaks above $96,000, the next likely target would be $98,000–$100,000 (psychological resistance and channel top).
• A clear breakout above $100,000 with high volume would indicate strong bullish momentum.
Scenario 3: Range-bound Movement
• Consolidation between $92,300 and $96,000 is possible, as the market may digest recent moves and liquidity levels.
Current bias
The chart suggests a neutral-to-bearish
