Bitcoin Price Analysis - 4H Timeframe
2024-10-23

Bitcoin Price Analysis - 4H Timeframe 


Bitcoin has been showing interesting price action on the 4-hour chart, recently trading at  $67,002 . Let's dive into the key movements:

 Current Situation  

   Support Level : Bitcoin has been consolidating around the $67,000 level, suggesting a potential support zone forming around this price. This support is critical as it has held after previous attempts to push the price lower. 
 Resistance Level : The upper resistance appears to be at around $69,000, which Bitcoin attempted to breach but faced rejection. This makes $69,000 a key psychological level for bulls to watch.  

 Market Structure and Trends  
   Rising Movement and Rejection : The recent peak at $69,000 indicates that Bitcoin is struggling to make a decisive breakout. The following bearish candle suggests increased selling pressure.
 Volume Analysis : Notice the spike in selling volume as price action failed to hold above the $68,000 mark. The increased volume shows that sellers were active, indicating a possible bearish retracement or at least a temporary slowdown in the upward trend.  

 What to Watch Next  
  If Bitcoin can hold above  $67,000 , it might gather momentum to retest the  $69,000  resistance area. Breaking above this could lead to a run toward  $70,500  or even higher levels. Conversely, if the price falls below the  $67,000  support level, we could see a retracement to the next support around  $65,000 .  

 Short-Term Play  
   Bullish Scenario : If BTC manages to maintain support at $67,000 and build bullish candles, it could move towards the $69,000 resistance and potentially break higher. 
 Bearish Scenario : Losing support at $67,000 might cause a dip toward $65,000, where buyers would look to re-enter for a better risk-to-reward setup.  

 Summary  
  Bitcoin is currently in a consolidation phase between  $67,000  and  $69,000 . A breakout above  $69,000  with increased volume could trigger a move to new highs.  Traders should wait for clear confirmation before entering new positions, with focus on volume spikes and strong candle formations to anticipate the next move.  

 Disclaimer : This is not financial advice; always do your own research (DYOR) before entering trades.