BTC CHART ANALYSIS ๐ 04.05.2025
Alright fam, let's dive into this BTC/USDT chart on the 1-hour timeframe. What we're seeing is Bitcoin consolidating after that push towards the $98k level. The price action is currently hovering around the 15-period moving average (blue line), which is acting as immediate resistance.
Notice how the 20-period moving average (yellow line) is still below the 15-period MA, suggesting that the short-term momentum might be slowing down. The RSI (10) and RSI (30) are both below the 50 mark, indicating bearish momentum.
Here's the play I'm looking at: If we see a clear break and sustained trading below that 20-period MA, with increasing volume, we could be heading towards the $94k support level. Conversely, a strong push back above the 15-period MA, especially if accompanied by a bullish divergence on the RSI, could signal another attempt at breaking that $98k resistance.
Trade Signal: I'm leaning towards a SHORT entry if we break below the 20-period MA with confirmation. Keep your stops tight above the recent highs! Remember, this is just my analysis, always do your own research. Stay safe and happy trading! ๐๐ฐ
TRADE HERE: $BTC