$BTC đ¨đ¨đ¨ BTC 4-HOUR âł Timeframe đ¨đ¨
#Bitcoinâ Support and Resistance Levels:
âźď¸âźď¸ Analyzing the Latest Patterns and Potential Moves âźď¸âźď¸
Current Analysis:
⢠Resistance Levels:
⢠Primary Resistance: $71,589.1 - This level is acting as strong resistance with a trend strength of 3.1 and an angle of 2°, indicating a 12.83% distance.
⢠Secondary Resistance: $66,205.2 - This level shows a strong resistance with a trend strength of 3.1 and an angle of 33°, indicating a 4.35% distance.
⢠Support Levels:
⢠Primary Support: $62,650.3 - This level is providing support with a trend strength of 3.05 and an angle of 5°, indicating a 1.26% distance.
⢠Current Price Level: $63,448.8 - BTC is trading just above the support level, facing downward pressure.
Latest Patterns:
⢠Trend Analysis:
⢠The trend indicators for 50, 100, 150, and 200 bars all indicate a downtrend with angles of -25°, -33°, -14°, and -9° respectively.
⢠Identified Patterns:
⢠Double Top: This bearish pattern suggests potential for further downward pressure.
⢠Black Swan: This pattern also indicates significant bearish momentum and potential further decline.
⢠AB=CD: This pattern indicates potential reversal zones.
Potential Moves:
⢠Elliott Wave Theory:
⢠According to the Elliott wave theory, BTC might be completing a corrective phase. We should monitor BTCâs movement towards the support and resistance zones.
⢠Price Projection:
⢠BTC may attempt to test the resistance level at $66,205.2 if it gains bullish momentum, but the overall downtrend indicates potential for further decline if it fails to break this resistance.
Important Note: Always remember the importance of capital management and avoiding greed.
BTC Analysis (BTCUSDT), 4-Hour Timeframe â°
Donât forget to set a stop loss for any positions you plan to open. #bitcoinâď¸ #BTCâ #btcupdates2024 #Alertđ´ $BTC
