$BTC

The chart shows Bitcoin (BTC/USDT) on the 4-hour timeframe

1. Overall Trend 📈

•Bullish Start: From the bottom at $65,260, Bitcoin experienced a significant uptrend, peaking at $108,353.

•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 🛠️

•Major Support:

•$93,700: Current 24-hour low and a key area for buyers to defend.

•$78,906: A historical support level visible from past pullbacks.

•Major Resistance:

•$108,353: The recent high and a significant psychological barrier.

•$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) 📊

•Short-Term MA (e.g., 20 EMA): Likely following the price closely during the correction, showing weakening bullish momentum.

•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 📉

•RSI (Relative Strength Index):

•Approaching mid-level (50). Neither overbought nor oversold, indicating indecision.

•MACD:

•Bearish crossover recently, signaling downside momentum.

•Volume:

•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 🚦

•Bullish Case: If Bitcoin breaks above $100,000 with volume, it could retest $108,353 or even higher levels.

•Bearish Case: If support at $93,700 fails, Bitcoin may drop toward $78,906 or lower.

6. Strategy Suggestions 🎯

•Traders: Look for a breakout or breakdown from the consolidation range. Use stop losses around key support/resistance.

•Investors: Consider accumulating if the price dips toward $78,906.