$BTC
The chart shows Bitcoin (BTC/USDT) on the 4-hour timeframe
1. Overall Trend đ
â˘Bullish Start: From the bottom at $65,260, Bitcoin experienced a significant uptrend, peaking at $108,353.
â˘Correction Phase: After hitting $108,353, the price retraced, signaling a correction to $93,700 before finding some support around $95,889.
Key takeaway: The overall market structure suggests a bullish rally followed by consolidation and mild retracement.
2. Key Support and Resistance Levels đ ď¸
â˘Major Support:
â˘$93,700: Current 24-hour low and a key area for buyers to defend.
â˘$78,906: A historical support level visible from past pullbacks.
â˘Major Resistance:
â˘$108,353: The recent high and a significant psychological barrier.
â˘$100,000: A strong round number and likely a psychological resistance level.
Key takeaway: Watch for price reactions near these levels.
3. Moving Averages (MA) đ
â˘Short-Term MA (e.g., 20 EMA): Likely following the price closely during the correction, showing weakening bullish momentum.
â˘Long-Term MA (e.g., 50 EMA): Still bullish, but catching up to the price as consolidation occurs.
Key takeaway: A break above or below the moving averages will confirm the next move.
4. Indicators đ
â˘RSI (Relative Strength Index):
â˘Approaching mid-level (50). Neither overbought nor oversold, indicating indecision.
â˘MACD:
â˘Bearish crossover recently, signaling downside momentum.
â˘Volume:
â˘Declining after the peak at $108,353, suggesting reduced interest.
Key takeaway: Momentum is fading, and the market is waiting for a trigger.
5. Potential Scenarios đŚ
â˘Bullish Case: If Bitcoin breaks above $100,000 with volume, it could retest $108,353 or even higher levels.
â˘Bearish Case: If support at $93,700 fails, Bitcoin may drop toward $78,906 or lower.
6. Strategy Suggestions đŻ
â˘Traders: Look for a breakout or breakdown from the consolidation range. Use stop losses around key support/resistance.
â˘Investors: Consider accumulating if the price dips toward $78,906.