Bitcoin's price is currently on an upward trend. In the last 24 hours, it has shown a pattern of increasing highs and lows, indicating a bullish phase. Bitcoin might soon test the upper limit of the Bollinger Bands indicator, around $43,348.02. If it surpasses this level, it could aim for the $44,440 resistance mark within the next day. A sustained rise above this point could set the stage for a further increase to $46,700 in the short term.
However, this positive outlook could be negated if Bitcoin's price falls below the current upward trend line on its 4-hour chart or fails to breach the upper Bollinger Bands limit in the next 12 hours. Either scenario could lead to a decrease in Bitcoin's price to an immediate support level of $42,450, and potentially down to $40,160 over the next week if selling pressure persists.
Currently, there is noticeable selling pressure on Bitcoin, as indicated by the latest 4-hour candle. Despite this, the Relative Strength Index (RSI) on the 4-hour chart suggests that buyers still hold the upper hand. The RSI, positioned above its Simple Moving Average (SMA) and showing a positive slope, indicates that buying strength is still increasing.
However, this positive outlook could be negated if Bitcoin's price falls below the current upward trend line on its 4-hour chart or fails to breach the upper Bollinger Bands limit in the next 12 hours. Either scenario could lead to a decrease in Bitcoin's price to an immediate support level of $42,450, and potentially down to $40,160 over the next week if selling pressure persists.
Currently, there is noticeable selling pressure on Bitcoin, as indicated by the latest 4-hour candle. Despite this, the Relative Strength Index (RSI) on the 4-hour chart suggests that buyers still hold the upper hand. The RSI, positioned above its Simple Moving Average (SMA) and showing a positive slope, indicates that buying strength is still increasing.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.