#BTC☀ #CryptoAlert

Technical Analysis from 4Hour chart

1. Candlestick Patterns Say

Pattern- A bullish engulfing candle appeared after the price retraced to the support level around 105,800$ which may push toward a potential bullish reversal.

A hammer candle formed at the same support level, reinforcing the likelihood of a bullish bounce.

2. Technical Indicator's Say

RSI-Moving around the level of 40's, indicating market is neither in overbought nor at oversold conditions, providing room for movement in either direction.

MACD Indicator- Shows a potential bullish crossover which may support positive momentum in hours to come

3. Support and Resistance Levels Say

Support- A strong support level(105800$) that has been recently tested.

Resistance- A nearby resistance level(106800$) that the price may test if the bullish momentum continues.

Conclusion in Nutshell-

Bullish Scenario- If the price continues to hold above the support level of 105,800$, we may see an attempt to break the resistance at 106,800$, which might open the way to higher levels such as 108,000$.

Bearish Scenario- If the price breaks below the support level of 105,800$, it may test lower support levels such as 104,500$.