Let's break down the BTC/USDT chart on the 4-hour timeframe you've provided.
Chart Analysis (4-Hour Timeframe):
BTC/USDT is currently experiencing a strong bearish trend on the 4-hour timeframe. The price has dropped significantly to $79,027.22, down 5.29%.
Key Observations:
The price is below both the 9-period EMA ($80,127.52) and the 20-period EMA ($82,141.92), confirming bearish momentum.
The RSI is extremely oversold at 21.57, suggesting a potential short-term bounce, but the overall trend remains bearish.
Support and Resistance:
Strong Support: $77,153.83 (1st), $76,406.00 (2nd).
Resistance: $80,127.52 (1st), $82,141.92 (2nd).
Trading Outlook:
The chart indicates a strong bearish trend. While a short-term bounce is possible due to oversold conditions, the overall outlook remains bearish. Be cautious when considering long positions. If shorting, use tight stop-loss orders.
Disclaimer: This is not financial advice. Trade responsibly and do your own research
$BTC #BitcoinDunyamiz #crypto #TechnicalAnalysis
What do you think about this share your thoughts in comments.
