$BTC /4 Hour
1. Resistance Levels:
- The upper red horizontal line around $72,000 represents a significant resistance level, where the price has struggled to break through.
- The price has recently approached this resistance but has not successfully broken above it.
2. Support Levels:
- The purple horizontal zones around $71,200 and $70,400 indicate key support levels.
- The price recently tested the higher support level around $71,200 after failing to maintain above the resistance.
3. Price Action:
- The chart shows a recent breakout above the $71,200 resistance level, turning it into support.
- Currently, the price is consolidating between the new support at $71,200 and the resistance at $72,000.
Overall, the chart suggests the price is trying to establish a new support base after breaking previous resistance. A successful hold above $71,200 could lead to another attempt to breach the $72,000 resistance. Conversely, falling below $71,200 might indicate a potential move towards the next support level around $70,400.
