A Technical View on Bitcoin BTC (4-Hour Frame)

The price of Bitcoin is currently trading near $117,600, in a general upward trend, but it is undergoing a temporary correction.

Important Levels:

Support:

$116,000: A pivotal support level that must be maintained.

$112,000: A stronger support in case the first level is broken.

Resistance:

$120,000: The first obstacle to the rise.

$124,000: The last peak that represents an important psychological level.

Expected Scenarios:

If it holds above 116k, the price is expected to rise towards 120k then 124k.

If it breaks below 116k, the price may head towards 112k as a main support.

Advice for Beginners

Try to buy from support areas.

Avoid entering at resistances.

Always stick to placing a Stop Loss to protect your capital.

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