The 4-hour timeframe also shows the Bitcoin price range between $38,200 and $39,600. Of course, the 20-day moving average (EMA) and the relative resistance index (RSI) to the middle indicate that buyers are more powerful than sellers.
In this time frame, if the price closes above the $39,600 range, we expect Bitcoin to grow up to $41,000, after which the price can rise to $42,000. In this area, bears with more sales can cause prices to fall.
If the price falls below the current level but does not fall below the $39,600 mark, it means that market sentiment has changed, and cows intend to buy more at a lower price. This can lead to further price increases.
But if the price falls below $38,200, there is a possibility of a sharp price drop again. In this case, the first support range of Bitcoin will be at the price of $36,450.
In this time frame, if the price closes above the $39,600 range, we expect Bitcoin to grow up to $41,000, after which the price can rise to $42,000. In this area, bears with more sales can cause prices to fall.
If the price falls below the current level but does not fall below the $39,600 mark, it means that market sentiment has changed, and cows intend to buy more at a lower price. This can lead to further price increases.
But if the price falls below $38,200, there is a possibility of a sharp price drop again. In this case, the first support range of Bitcoin will be at the price of $36,450.
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