Bitcoin Price Sees Pullback, Faces Key Support Levels
Currently bitcoin price is at 57,300 and this shows there is a resistance in the market causing too much selling pressure, due to panic or possible news that had hit the market which we don't yet know (probably). If you view the market from 15 minutes chart you would see that it's about recovering while in 1 week time it showing and indecisive movement meaning it could be bull or bear. 
Topic: Crypto analysis: BTC 4 hour chart analysis (Read 70 times)
Is there's a fundamental news that triggers a pull back, I don't see the $62k as a safe resistance, it can easily be broken, there is a resistance around $53-$55k that looks even solid, I think that will be a better and safer resistance to consider more likely than you would with the $62k because I anticipate a fundamental news before we should expect a bull.
I like your parameters and yardstick for analysis a s they potray a very good and conservative trading style which with discipline and diligence, you can be profitable off it.
I like your parameters and yardstick for analysis a s they potray a very good and conservative trading style which with discipline and diligence, you can be profitable off it.
I take the 50 average on 4hr bars as a good sign as to whether BTC is trading positively or not. 4hr is a good compromise between short term and moving towards the longer time frames.
We've been going sideways so much Im starting to think not much below a daily or weekly bar would really add up and have the weight to move us off this area we've become stuck on.
Shorter time frame like a 1hr 50 average or about 2 days shows almost for a whole week we've traded below that average. Descending until we meet the 78% fibbonnaci level from the old ATH.
The boring answer is we move sideways. Its wavered, but mostly we move towards a balanced price not a trend and nothing to say for certain we are negative or positive. My own main conclusion recently was we will see a spike in volatility or erratic price, this is part of the breakout that must occur.
The equilibrium is an illusion partly performed on purpose by hundreds of trading programs, many companies operate bots to buy sell the price, its normal but not helpful in price discovery imo.
We've been going sideways so much Im starting to think not much below a daily or weekly bar would really add up and have the weight to move us off this area we've become stuck on.
Shorter time frame like a 1hr 50 average or about 2 days shows almost for a whole week we've traded below that average. Descending until we meet the 78% fibbonnaci level from the old ATH.
The boring answer is we move sideways. Its wavered, but mostly we move towards a balanced price not a trend and nothing to say for certain we are negative or positive. My own main conclusion recently was we will see a spike in volatility or erratic price, this is part of the breakout that must occur.
The equilibrium is an illusion partly performed on purpose by hundreds of trading programs, many companies operate bots to buy sell the price, its normal but not helpful in price discovery imo.
Bitcoin Price Sees Pullback, Faces Key Support Levels
https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjEK9lNQneEvFQGVrr604lH3UKdKnrHz_BuEppe-MBX33Y8KvlTNpeQgTf3jKrEvNDDp-xp9zaMrZqe22SAVF6TpxViOq_aDDJKzMgjFC6U7k-REwhGCdzVvDEC2-uTLior2KvctIImYxQE7WfXQ5Kqo9taQTvU-hiMi2PYH_NN_SAs95pWiKBLdDaO-Vs1/w640-h422/BTC%20price%20latest.jpg
Bitcoin's price experienced a decline after hitting a resistance level of $65,379 on Sunday. Following this, the price dropped by 2.2% on Monday. As of Tuesday, Bitcoin continues to pull back, showing a slight decrease of 0.6%, bringing the price down to $62,416.
If Bitcoin continues this downward trend, it may find support at the 200-day Exponential Moving Average (EMA), which is currently at $62,267. This level could provide some stability and potentially stop further declines.
On the other hand, if Bitcoin bounces back from the $62,042 level, it could rise again to the $65,379 mark. If this happens, there’s a possibility of a 7% rally, which could take the price up to its July 29 high of $70,079.
https://www.cryptocrit.xyz/2024/08/crypto-analysis-btc-4-hour-chart.html
https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjEK9lNQneEvFQGVrr604lH3UKdKnrHz_BuEppe-MBX33Y8KvlTNpeQgTf3jKrEvNDDp-xp9zaMrZqe22SAVF6TpxViOq_aDDJKzMgjFC6U7k-REwhGCdzVvDEC2-uTLior2KvctIImYxQE7WfXQ5Kqo9taQTvU-hiMi2PYH_NN_SAs95pWiKBLdDaO-Vs1/w640-h422/BTC%20price%20latest.jpg
Bitcoin's price experienced a decline after hitting a resistance level of $65,379 on Sunday. Following this, the price dropped by 2.2% on Monday. As of Tuesday, Bitcoin continues to pull back, showing a slight decrease of 0.6%, bringing the price down to $62,416.
If Bitcoin continues this downward trend, it may find support at the 200-day Exponential Moving Average (EMA), which is currently at $62,267. This level could provide some stability and potentially stop further declines.
On the other hand, if Bitcoin bounces back from the $62,042 level, it could rise again to the $65,379 mark. If this happens, there’s a possibility of a 7% rally, which could take the price up to its July 29 high of $70,079.
https://www.cryptocrit.xyz/2024/08/crypto-analysis-btc-4-hour-chart.html
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