Bitcoin Price Analysis - 4H Timeframe
Bitcoin Price Analysis - 4H Timeframe
Bitcoin has been showing interesting price action on the 4-hour chart, recently trading at $67,002. Let's dive into the key movements:
Current Situation
Market Structure and Trends
What to Watch Next
Short-Term Play
Summary
Disclaimer: This is not financial advice; always do your own research (DYOR) before entering trades.
Bitcoin has been showing interesting price action on the 4-hour chart, recently trading at $67,002. Let's dive into the key movements:
Current Situation
- Support Level: Bitcoin has been consolidating around the $67,000 level, suggesting a potential support zone forming around this price. This support is critical as it has held after previous attempts to push the price lower.
Resistance Level: The upper resistance appears to be at around $69,000, which Bitcoin attempted to breach but faced rejection. This makes $69,000 a key psychological level for bulls to watch.
Market Structure and Trends
- Rising Movement and Rejection: The recent peak at $69,000 indicates that Bitcoin is struggling to make a decisive breakout. The following bearish candle suggests increased selling pressure.
Volume Analysis: Notice the spike in selling volume as price action failed to hold above the $68,000 mark. The increased volume shows that sellers were active, indicating a possible bearish retracement or at least a temporary slowdown in the upward trend.
What to Watch Next
- If Bitcoin can hold above $67,000, it might gather momentum to retest the $69,000 resistance area. Breaking above this could lead to a run toward $70,500 or even higher levels. Conversely, if the price falls below the $67,000 support level, we could see a retracement to the next support around $65,000.
Short-Term Play
- Bullish Scenario: If BTC manages to maintain support at $67,000 and build bullish candles, it could move towards the $69,000 resistance and potentially break higher.
Bearish Scenario: Losing support at $67,000 might cause a dip toward $65,000, where buyers would look to re-enter for a better risk-to-reward setup.
Summary
- Bitcoin is currently in a consolidation phase between $67,000 and $69,000. A breakout above $69,000 with increased volume could trigger a move to new highs.
- Traders should wait for clear confirmation before entering new positions, with focus on volume spikes and strong candle formations to anticipate the next move.
Disclaimer: This is not financial advice; always do your own research (DYOR) before entering trades.
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.
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.