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FxNews–In today’s Bitcoin technical analysis, we observe that Bitcoin is positioned just below the median line of the bullish flag in the 4-hour chart.
Bitcoin Technical Analysis – What to Expect Next
Bitcoin Technical Analysis – 4H Chart
The Relative Strength Index (RSI) and the Awesome Oscillator indicators indicate a bearish market trend. The key resistance level to watch is at $37,834. As long as the price remains below this level, we can anticipate a continued market decline, with a focus on the $36,711 support level. The lower band of the bullish flag further reinforces this support, making it a significant point to monitor in the current market scenario.
On the flip side, the bearish scenario will become invalid if the bulls cross above the bullish flag’s middle line, which aligns with the 23% Fibonacci retracement level.
J.J Edwards is a finance expert with 15+ years in forex, hedge funds, trading systems, and market analysis.
