Bitcoin Price Alert
Bitcoin (BTC/USDT) chart shown in your image (4H time frame from Binance), here's a technical analysis breakdown and potential next move:
📈 Price Action Overview:
Current Price: ~$117,140
Recent High: $118,869.98
Last Candle: A red candle, indicating rejection or short-term pullback after a sharp rise.
24H Change: +5.25%, meaning it had a strong recent rally.
📊 Indicators & Signals:
RSI (6) – 81.01 ✅
This is overbought (above 70), suggesting a possible correction or pullback.
MACD:
DIF > DEA and histogram rising, which still shows strong bullish momentum.
However, MACD is already at a very high level, so momentum could slow.
Bollinger Bands:
Price touched/exceeded upper band, indicating it's stretched and may revert to the mean.
Current mean is ~111,817 – a potential support level if it dips.
Wm %R (-16.53):
Also in overbought territory, aligning with RSI.
Candle Pattern:
Latest candle shows a long wick at the top, possibly forming a shooting star or rejection wick.
This is often a bearish reversal signal after a strong rally.
📉 Conclusion: Should You Buy or Wait?
🔴 Recommendation: WAIT for a pullback.
Reasons:
Overbought indicators (RSI, %R).
Strong resistance seen at ~$119k.
A retracement to the $113k–$111k zone is likely before any next leg up.
If you’re looking for a lower-risk entry, wait for price to test:
Support levels: $113,696 / $111,817 / $107,941
🔍 Watch For:
Bullish continuation if it consolidates above $117k with lower volume.
Breakdown below $115k = potential short-term fall.
Buy if it touches $111k–113k with strong volume support.