Technical Analysis: Bitcoin – 4-Hour Interval
1. Price Action and Trend
The chart illustrates a volatile phase. Following a significant peak at approximately $74,051, there was a correction down to around $65,639. Currently, the price is in a recovery phase and is attempting to consolidate above the psychologically important $70,000 mark.
2. Moving Averages (MA)
Three lines in the chart represent the smoothed trend:
• MA(7) – Yellow ($71,324): The short-term average is currently above the price, indicating slight short-term downward pressure.
• MA(30) – Turquoise ($69,852): The price is sitting just above this line, which serves as short-term support.
• MA(200) – Purple ($68,179): This is the most critical long-term indicator. Since the price remains significantly above it, the overall trend stays bullish.
3. RSI (Relative Strength Index)
The RSI is at 56.80.
• A value of 50 is considered neutral.
• Since it is slightly above 50, buyers currently have more momentum than sellers. However, the market is not overbought (which typically occurs above 70), meaning there is still room for upward movement.
4. MACD (Moving Average Convergence Divergence)
The MACD indicator at the bottom of the chart shows the momentum:
• The lines have recently crossed in positive territory, and the histogram bars are green.
We should keep a close eye on it. It failed to make a higher high yesterday and was rejected. It is possible that we might dip back down to the $65,000 level. Let's see what happens over the weekend. The indices are also at a critical junction—it could go either way, up or down.
(1week)
(Heat map)
