MonoCoinSignal的BINANCE:BTCUSDT的Bitcoin Technical Analysis

Bitcoin Technical Analysis

• Bitcoin has been moving as we predicted earlier.

• If you look at its daily chart, you will notice that Bitcoin has reached the upper boundary of its upward trend channel and has started to decline.

• The $43,500 support level, which we had identified as an important level to watch, has now been breached.

• Currently, Bitcoin's price is situated below the first level of the daily Fibonacci lines.

• We expect that after breaking through the second support level we projected, around $40,900, Bitcoin’s price might fall to the bottom of the upward trend channel.

(All analyses will be updated)

This analysis is informational, not financial advice.

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Keep an eye on the $40,900 level.

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Bitcoin is currently fluctuating within the price range of $42,000 to $43,500 and has not shown any significant movement so far. Should it break out in either direction, the price may trend towards either $44,000 or $41,000.

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Bitcoin, after breaking through the EMA50 line, is currently trading below it. This action is contributing to a bearish trend. The first support level is expected to be at $39,000.

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Bitcoin precisely reached the target area we had in mind and has now initiated a pullback in the short term. It's crucial to observe its response to the upcoming resistance. A negative reaction could signify a fake breakout, potentially leading to a continued downward price trend.

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Short-term (4h TF) analysis:

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Update:

The 4-hour chart shows that Bitcoin is currently in a downtrend. This bearish trend is attributed to the loss of major support, evidenced by the formation of a lower low compared to the previous low, and a lower high compared to the previous high. At the moment, Bitcoin is experiencing a pullback to the previously breached support zone, which is expected to extend to around $43,000.
Once this pullback concludes, the primary bearish trend is anticipated to resume, potentially leading to a further decrease in Bitcoin's price towards the next support level around $37,400. Moreover, the presence of a bearish pattern suggests that the price might start to decline from this region.

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