Bitcoin's 4-Hour Analysis: Key Insights for Newcomers August 18, 2024 !!
Immediate Support and Resistance
Support: Bitcoin is hovering around the $58,500 mark, a level where it previously bounced back. This suggests strong buyer interest here.Resistance: The $60,000 level is a significant psychological barrier. If Bitcoin manages to break through, it could signal a strong upward move.
RSI (Relative Strength Index)
The RSI is currently in a neutral zone (between 40-50), indicating a lack of strong momentum. If the RSI climbs above 60, expect a bullish trend. Conversely, a dip below 40 might suggest a bearish shift.
MACD (Moving Average Convergence Divergence)
The MACD shows a bullish crossover, with the blue line (MACD line) crossing above the orange line (signal line). If this trend continues, bullish momentum could increase.
Volume
Volume remains neutral, neither high nor low. Traders are in a "wait and see" mode, and a surge in volume is needed for a significant price movement in either direction.
Latest Fundamental News
No major news affecting BTC at the moment. However, global macroeconomic factors like inflation reports and central bank decisions could impact Bitcoin's price.
Will Bitcoin break through $60,000, or is a pullback imminent?
Stay tuned! đ
â Like â€ïž | đŻïž Comment đŹ | â»ïž Share đ @KhannAmirr
#LowestCPI2021 #VOTEme #BinanceLaunchpoolTON #MarketDownturn #Write2Earn!
