Bitcoin 4-Hour Analysis for (September 2, 2024)
Bitcoin is currently trading on the 4-hour time frame, with the current price at 57,526. The chart shows that the market has been in a recent downtrend and is now in a consolidation zone. The price touched the 65,000 resistance level a few days ago but faced strong rejection, and the market is now trading below 58,000.
Support and Resistance:
The immediate support level is at 56,500, which is crucial. If this level breaks, the market could drop further. On the other hand, resistance is at 58,500, which is currently a major hurdle for the market.
RSI (Relative Strength Index)
The RSI indicator is at 35.79, which is close to the oversold zone, indicating strong selling pressure in the market. This is a bearish signal, but it also suggests a possible reversal when the RSI is in an extreme oversold zone.
MACD (Moving Average Convergence Divergence)
The MACD lines have crossed below and are still in the negative territory, indicating bearish momentum. The histogram is also showing red bars, signaling that selling pressure is still strong, and buyers are not gaining strength.
Volume:
Looking at the volume, there was high volume with selling candles, but now the volume is low, indicating a lack of participation in the market. This also suggests that the market is not making any strong moves currently.
Latest Fundamental News
Market sentiment is currently negative due to recent SEC actions and global economic uncertainty. The recent U.S. job data report also came in below expectations, which is a bearish sign for the market, increasing selling pressure.
Inference:
The market is currently in a consolidation phase, with both RSI and MACD showing weak signals. If support breaks, the price could drop further. The fundamental news is also negative, contributing to an overall bearish sentiment.