Hello Binance Square family! š
Bitcoin (BTC) is currently trading at $104,963, experiencing a 0.69% increase over the past 24 hours.
A recent analysis highlights that BTC is approaching the critical 4-hour 200-period moving average (MA200), a level that has historically acted as a significant support during bullish phases. A successful bounce from this level could signal the start of the next rally.
š Technical Overview:
Support Level: The 4H MA200 has been holding since April 16, and a bounce from this level could confirm $103,600 as a new support floor.
Resistance Level: The price action is currently being restricted below the 4H MA50, which is now acting as short-term resistance.
RSI Indicator: The 4-hour Relative Strength Index (RSI) recently reached oversold conditions (30.00), indicating potential for a bullish reversal.
Potential Rally: If the 4H MA200 holds and a breakout above the 4H MA50 occurs, a minimum short-term rise of approximately $120,000 (+16.06%) is anticipated.
š Market Sentiment:
The market is currently in a consolidation phase, with Bitcoin testing key support levels. A successful bounce from the 4H MA200 could reignite bullish momentum and lead to a breakout above the 4H MA50.
š Final Thoughts:
The coming sessions will be crucial for Bitcoin's price action. A successful defense of the 4H MA200 could pave the way for the next leg up, while a failure to hold this level may lead to further consolidation or downside.
Happy trading! š¹
*Disclaimer: This is not financial advice. Always do your own research before making investment decisions.*
