1-Hour (1H) Analysis:
Current Price: Around 59,895.9 USDT.
Support Level: The nearest support level is at 58,058.1 USDT (marked in green), where the price previously found some buying interest.
Resistance Levels:
60,223.1 USDT (10.52% above the support level)
61,693 USDT (2.97% above the current price)
63,130 USDT (5.37% above the current price)
64,862.2 USDT (8.26% above the current price)
The price appears to be in a slight recovery after a drop, but it is still below multiple resistance levels.
4-Hour (4H) Analysis:
For the 4-hour analysis:
Trend: The overall trend seems bearish in the short term, with a series of lower highs and lower lows.
Support/Resistance: The key levels in the 1-hour chart will be similar, but with more emphasis on broader trends. We might see these levels hold more significance over multiple 4-hour candles.
Daily Analysis:
For the daily timeframe:
Trend: The trend is more pronounced, and the support at 58,058.1 USDT is crucial. A daily close below this level could indicate further downside, while a close above 60,223.1 USDT could suggest a potential recovery.
Key Levels: The resistance levels mentioned in the 1-hour chart remain significant on the daily chart but with more emphasis on 61,693 USDT and 63,130 USDT.
Summary:
Bullish Scenario: If Bitcoin can break above the resistance at 60,223.1 USDT and hold above it, the next target would be around 61,693 USDT.
Bearish Scenario: If Bitcoin breaks below the support at 58,058.1 USDT, we could see further downside momentum.
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