BTCUSD 4h shortterm technical analysis
Considering the current Bitcoin chart, we can observe that the price has been responsive to the delineated levels. The recent bounce from the vicinity of the 0.618 Fibonacci level, which is marked as a significant support, indicates strength in that price region. In the context of the bullish price channel, a potential target for bulls might be the upper boundary of the channel, currently appearing to be around 46,000 USD.
Area labeled as 'BIG BUY' is my buying interest, potentially around 30,000 USD, according to the Fibonacci tool.
The RSI indicator, remaining in the neutral zone, is not signaling extreme market conditions for now. Meanwhile, the SOPR might indicate that most transactions have been profitable lately, suggesting potential volatility as investors may decide to take profits.
Chart suggests we are in a bullish trend, but with potential signals to be watched closely. A test of higher levels and finding resistance could warrant consideration for a short position, while a significant bounce from lower levels might suggest good buying opportunities.
Area labeled as 'BIG BUY' is my buying interest, potentially around 30,000 USD, according to the Fibonacci tool.
The RSI indicator, remaining in the neutral zone, is not signaling extreme market conditions for now. Meanwhile, the SOPR might indicate that most transactions have been profitable lately, suggesting potential volatility as investors may decide to take profits.
Chart suggests we are in a bullish trend, but with potential signals to be watched closely. A test of higher levels and finding resistance could warrant consideration for a short position, while a significant bounce from lower levels might suggest good buying opportunities.
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