Bitcoin Price Analysis - 4H Timeframe

2024年10月22日

Bitcoin Price Analysis - 4H Timeframe


Bitcoin has been showing interesting price action on the 4-hour chart, recently trading at $67,002. Let's dive into the key movements:

Current Situation

• Support Level: Bitcoin has been consolidating around the $67,000 level, suggesting a potential support zone forming around this price. This support is critical as it has held after previous attempts to push the price lower.
  Resistance Level: The upper resistance appears to be at around $69,000, which Bitcoin attempted to breach but faced rejection. This makes $69,000 a key psychological level for bulls to watch.

Market Structure and Trends

• Rising Movement and Rejection: The recent peak at $69,000 indicates that Bitcoin is struggling to make a decisive breakout. The following bearish candle suggests increased selling pressure.
  Volume Analysis: Notice the spike in selling volume as price action failed to hold above the $68,000 mark. The increased volume shows that sellers were active, indicating a possible bearish retracement or at least a temporary slowdown in the upward trend.

What to Watch Next

• If Bitcoin can hold above $67,000, it might gather momentum to retest the $69,000 resistance area. Breaking above this could lead to a run toward $70,500 or even higher levels. Conversely, if the price falls below the $67,000 support level, we could see a retracement to the next support around $65,000.

Short-Term Play

• Bullish Scenario: If BTC manages to maintain support at $67,000 and build bullish candles, it could move towards the $69,000 resistance and potentially break higher.
  Bearish Scenario: Losing support at $67,000 might cause a dip toward $65,000, where buyers would look to re-enter for a better risk-to-reward setup.

Summary

• Bitcoin is currently in a consolidation phase between $67,000 and $69,000. A breakout above $69,000 with increased volume could trigger a move to new highs.
• Traders should wait for clear confirmation before entering new positions, with focus on volume spikes and strong candle formations to anticipate the next move.

Disclaimer: This is not financial advice; always do your own research (DYOR) before entering trades.