Potential Upside Breakout or Downside Correction?
let's dive into the world of Bitcoin and try to make some sense of the current market situation. As of the latest news, Bitcoin seems to be showing some positive signs, with the price experiencing growth of 1000 dollars in the last 24 hours from the 27900 range. This growth is largely attributed to the positive reaction shown by Bitcoin to two important supports. Currently, the price is approaching a minor resistance in the 28900 - 29000 range. However, given the economic news, the meeting of the Federal Reserve's Free Market Committee, and the new interest rate being announced, there is a high possibility of extreme fluctuations in all financial markets, including digital currency. As such, it is recommended to avoid futures trades with high leverage and manage short-term trades. For the medium term, there is potential for a correction in Bitcoin's price, but there is also a possibility of a positive swing before the correction.
Now, let's look at some key prices on this chart. Based on the 4-hour timeframe, we can see that the local solid supports are at the 0 Fibonacci level of 27666 and the lower Bollinger band of 27637. On the other hand, the minor resistance can be seen at the 0.5 Fibonacci level of 28817 and the upper Bollinger band of 29603. In between these levels, we have the middle Bollinger band at 28620.
As for the bullish scenario, if Bitcoin manages to break through the minor resistance at the 0.5 Fibonacci level of 28817 and the upper Bollinger band of 29603, it could indicate a potential upward trend. This could be further confirmed if the RSI crosses above the 50 level, the MACD starts to rise, and the volume oscillator turns positive. If these indicators all align, we could see Bitcoin testing the 1 Fibonacci level of 29969.
On the other hand, in a bearish scenario, if Bitcoin fails to break through the minor resistance and instead breaks below the local solid supports at the 0 Fibonacci level of 27666 and the lower Bollinger band of 27637, it could indicate a potential downward trend. This could be further confirmed if the RSI crosses below the 50 level, the MACD continues to decline, and the volume oscillator remains negative. If these indicators all align, we could see Bitcoin testing the 24h low of 27910.
In conclusion, the current market situation for Bitcoin seems to be volatile and uncertain. It is important to monitor the various indicators and key prices to determine potential bullish and bearish scenarios. As always, it is recommended to exercise caution and manage risk appropriately.
Now, let's look at some key prices on this chart. Based on the 4-hour timeframe, we can see that the local solid supports are at the 0 Fibonacci level of 27666 and the lower Bollinger band of 27637. On the other hand, the minor resistance can be seen at the 0.5 Fibonacci level of 28817 and the upper Bollinger band of 29603. In between these levels, we have the middle Bollinger band at 28620.
As for the bullish scenario, if Bitcoin manages to break through the minor resistance at the 0.5 Fibonacci level of 28817 and the upper Bollinger band of 29603, it could indicate a potential upward trend. This could be further confirmed if the RSI crosses above the 50 level, the MACD starts to rise, and the volume oscillator turns positive. If these indicators all align, we could see Bitcoin testing the 1 Fibonacci level of 29969.
On the other hand, in a bearish scenario, if Bitcoin fails to break through the minor resistance and instead breaks below the local solid supports at the 0 Fibonacci level of 27666 and the lower Bollinger band of 27637, it could indicate a potential downward trend. This could be further confirmed if the RSI crosses below the 50 level, the MACD continues to decline, and the volume oscillator remains negative. If these indicators all align, we could see Bitcoin testing the 24h low of 27910.
In conclusion, the current market situation for Bitcoin seems to be volatile and uncertain. It is important to monitor the various indicators and key prices to determine potential bullish and bearish scenarios. As always, it is recommended to exercise caution and manage risk appropriately.
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