Skip to content BTCUSD Technical Analysis – Bitcoin at a Crossroad
Bitcoin is currently positioned near the central line of its bullish flag pattern. This median line plays a crucial role in determining its next move.
BTCUSD Technical Analysis – Bitcoin at a Crossroad
According to the BTCUSD 4-hour chart, the weekly pivot point is at $45,925. Meanwhile, the RSI (Relative Strength Index) isn’t offering a clear direction at the moment. It’s fluctuating around the midline, leaving the market’s next trend somewhat uncertain.
BTCUSD Technical Analysis – Bitcoin at a Crossroad – 4H Chart
The Bullish Scenario
Should Bitcoin manage to maintain its position above the pivot point, there’s a good chance the upward trend will persist. In this case, the next target for bullish traders would be the R1 resistance level, situated near $45,867.
The Bearish Scenario
Conversely, if Bitcoin falls below the pivot, which seems plausible given the current candlestick patterns, it could signal a bearish turn. The next target in such a scenario would be the S1 support level, around $40,851.
J.J Edwards is a finance expert with 15+ years in forex, hedge funds, trading systems, and market analysis.
