FxNews – In today’s Bitcoin technical analysis, we observe that Bitcoin is currently positioned just below the median line of the bullish flag in the 4-hour chart.
Notably, both the Relative Strength Index (RSI) and the Awesome Oscillator indicators are signaling 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. This support is further reinforced by the lower band of the bullish flag, making it a significant point to monitor in the current market scenario.
On the flip side, if the bulls manage to cross above the middle line of the bullish flag, which aligns with the 23% Fibonacci retracement level, the bearish scenario will become invalid.
J.J Edwards is a finance expert with 15+ years in forex, hedge funds, trading systems, and market analysis.