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BTCUSD 4 HR ANALYSIS | SHORT TRADE

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🚀 Bitcoin (BTC) Price Analysis - 4-Hour Timeframe 📊

Chart Overview:

Current Price: $96,935.44

Timeframe: 4-Hour chart

Date Published: December 20, 2024

Key Features:

Trend Channel: The chart illustrates a red ascending channel that represents the previous upward trend in Bitcoin’s price.

Support and Resistance Levels:

Resistance Level: Identified at $99,612.38

Support Level: Identified at $89,438.39

Price Movement: Recently, there has been a significant price drop depicted on the chart.

Potential Drop: A green arrow indicates a potential price drop of 9.30%, equating to -$9,171.21.

Discussion Point: The chart poses the question, “Can Bitcoin drop 10% from next week (23 Dec 2024)? Comment what you think?

Analysis :

  • The ascending trend channel suggests that Bitcoin has been in an upward trend.

  • The recent price action shows a breach of this channel, hinting at a possible trend reversal.

  • Key support at $89,438.39 needs to be monitored, as a break below this level could confirm further downside.

  • The potential 9.30% drop indicates market uncertainty, potentially leading to a larger correction.


Conclusion: Monitor the key support and resistance levels closely. The breach of the ascending channel and the significant price drop could suggest a trend reversal, warranting caution for bullish positions. Stay tuned for updates as we approach the critical date of December 23, 2024.


Note - This is Only for education purpose.

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near to price i share in this post i am waiting for rejection
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Going in my direction let see i will take 89K target
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