FxNews – In today’s Bitcoin technical analysis, we will dissect the digital gold’s price action in the 4-hour chart.
Bitcoin is attempting to break through the $38,250 November ceiling for the third time. The bulls seem more likely to emerge victorious in this frontier battle. The Relative Strength Index (RSI) still has some room before it becomes overbought, and the bars of the Awesome Oscillator are fully green as it hovers above the signal line. These technical indicators reinforce the bullish bias that re-emerged on November 27.
Despite this strong bullish sentiment on the BTCUSD pair, it is advisable to wait for Bitcoin to surpass the $38,250 resistance. As long as BTCUSD remains below this level, there’s a risk that bears might intervene, potentially driving the price down to the lower band of the flag.
FxNews analysts recommend closely watching Bitcoin’s price at these critical levels and exercising patience. They recommend waiting for a definitive breakout before initiating long positions on the currency pair.