BTC/USD 4H Timeframe AnalysisBTC/USD 4H Timeframe Analysis
Trend: The price is in an uptrend but recently broke the minor key support at 99.000, touching the next minor key support at 93.000. Buyers briefly pushed the price above the minor key resistance at 97.000, creating strong buying pressure. However, the price has started to make lower lows and broke the previous key resistance, which is now acting as key support.
Price Action Expectation: During the accumulation period, a bearish engulfing candle formed between the two minor key levels, signaling a potential short-term price reversal. Our objective is to wait for the price to return to the previous resistance, where we anticipate liquidity manipulation. Once the price moves downward and breaks our key support, we will enter the trade.
Trade Setup: Sell Stop
Entry: 96,593.20
Stop Loss: 92,314.80 (above the liquidity zone)
Take Profit: 98,537.10 (next key minor support level)
Risk: 1%
Fundamental Outlook:
BlackRock's Bitcoin ETF: The sharp drop in BlackRock’s Bitcoin ETF, marking its largest decline in four months, has increased bearish sentiment around Bitcoin. This is adding downward pressure on Bitcoin's price as investors react to reduced confidence in institutional products linked to Bitcoin.
Quantum Computing FUD: Concerns about quantum computing's potential impact on Bitcoin's cryptographic security are heightening market fear, contributing to increased volatility and bearish pressure in the market.
The bearish engulfing candle combined with the fundamental news of BlackRock's Bitcoin ETF drop and quantum computing FUD suggests that the price may continue its decline, presenting an opportunity to enter the market on the downside.
