Bitcoin Analysis on 4-hour timeframe:
1. General trend (Trend):
The price on the 4-hour timeframe shows clear volatility, but it is generally within a sideways movement between the 94,000 and 98,000 levels.
Currently, there are attempts to recover after a significant decline, which may indicate the beginning of a new momentum formation.
Support and resistance levels:
Support:
The main support is at 94,000 (the bottom of the last bottom), which is a strong level that buyers rely on to support the price.
Minor support is at 95,500 (the near bottom).
Resistance:
The near resistance is at 98,000 (the highest high achieved in the past days).
Another strong resistance is at 100,000 (an important psychological level).
Volume:
During the sharp decline, the trading volume was high, indicating significant selling.
In the current recovery, the trading volume appears relatively low, which may mean that the buying momentum is weak at the moment.
Japanese Candlesticks:
The last candles show attempts to recover, but without strong reversal candles such as "Hammer" or "Bullish Engulfing".
If a strong bullish candle appears in the coming hours with high trading volume, this may give a potential bullish signal.
Analysis using momentum and bullish potential:
If the price can overcome the resistance level at 98,000, there is a strong bullish potential towards 100,000.
In case of a break down (below 94,000), a decline is likely and the price may head towards 92,000 or lower.
