BITCOIN CHART UPDATE !!Hello friends, welcome to this BITCOIN update from Crypto Sanders.
Hello dear traders, we are new so we ask you to support our ideas with your LIKE and COMMENT, also be free to ask any question in the comments, and we will try to answer all, thank you, guys.
BTC/USDT 4 hour update:
This update is based on the 4-hour chart, which provides a shorter-term view than the daily chart.
The price is within a broad descending channel, highlighted by two converging trend lines.
Recently an attempt has been made to break the upper trend line of the descending channel.
Purple line: Possibly represents a longer-term moving average (for example, a 100-period on a 4-hour chart).
Green line: Possibly represents a shorter-term moving average (for example, 4-period 200 on a 4-hour chart).
The price is currently trading above both moving averages, indicating short-term bullishness.
Support: The key support level is at $52,408.76.
Resistance: Immediate resistance is around the $69,000 – $70,000 range.
BTC has shown strength by bouncing off lower levels and breaking the moving averages.
The current price is around $67,119, which is close to an important resistance zone.
The chart shows a circular bottom formation in the first half of the year, indicating a potential long-term reversal.
An inverted head and shoulders pattern appears within the oval, indicating the possibility of a bullish reversal.
If BTC remains above the $68,000 level, consider entering a long position, confirming the breakout.
A move above this resistance could lead to further upside, potentially aiming for $70,000 and above.
Place stop-loss orders below the recent support level at $64,000 or below the moving average to manage risk.
Summary:
BTC/USDT is showing bullish signs on the 4-hour chart as it approaches the important resistance level around $68,000. A breakout above this level could signal further upside, potentially leading to a fresh rally. Traders should monitor this level closely and manage their risk with appropriate stop-loss orders.
Remember:-This is not a piece of financial advice. Stay tuned to us for further updates and analysis. Thank you!
