In this technical analysis of the BTC/USDT 4-hour chart, we see that Bitcoin has been trading within a defined range, showcasing key resistance (R) and support (S) levels. The price is currently hovering around R1 at $64,257.65, with immediate support (S1) at $59,065.59.
A bearish trend was evident as the price made lower highs, confirmed by the Relative Strength Index (RSI) lingering below the 50 mark, indicating that the bears have had the upper hand recently. The histogram on the Moving Average Convergence Divergence (MACD) is in the negative territory, which further supports the bearish sentiment.
The RSI is close to the oversold region, which could imply a potential reversal or at least a temporary pullback. Traders might be watching for a break above R1 as a sign of bullish momentum, potentially aiming for R2 at $67,100.77 and the high pivot at $73,777.00. Conversely, a break below S1 may lead to further decline towards S2 at $56,226.29.
It’s worth noting that the RSI and MACD are just two indicators, and they should be used in conjunction with other technical analysis tools and fundamental analysis for a more comprehensive trading strategy. This analysis is based on current chart patterns and indicators, and the crypto market is known for its volatility, so I would keep an eye out for any news or events that could impact market sentiment.
A bearish trend was evident as the price made lower highs, confirmed by the Relative Strength Index (RSI) lingering below the 50 mark, indicating that the bears have had the upper hand recently. The histogram on the Moving Average Convergence Divergence (MACD) is in the negative territory, which further supports the bearish sentiment.
The RSI is close to the oversold region, which could imply a potential reversal or at least a temporary pullback. Traders might be watching for a break above R1 as a sign of bullish momentum, potentially aiming for R2 at $67,100.77 and the high pivot at $73,777.00. Conversely, a break below S1 may lead to further decline towards S2 at $56,226.29.
It’s worth noting that the RSI and MACD are just two indicators, and they should be used in conjunction with other technical analysis tools and fundamental analysis for a more comprehensive trading strategy. This analysis is based on current chart patterns and indicators, and the crypto market is known for its volatility, so I would keep an eye out for any news or events that could impact market sentiment.