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The Bitcoin price jumped over 2% in the last 24 hours to trade at $69,479.67 at press time.
The Bitcoin Price Testing Resistance
4-hour chart for BTC/USDT (Source: TradingView)
In the latest trading sessions, the Bitcoin price has shown significant movements, hinting at possible future trends. As of the most recent data, Bitcoin has been trading between the prices of $68,259.98 and $69,430.00. These fluctuations have caught the eye of traders and analysts alike, given the cryptocurrency’s pivotal role in the market.
The 9 Exponential Moving Average (EMA) has steadily increased from $67,819.54 to $68,702.31, indicating a bullish sentiment in the short term. This is complemented by the 20 EMA, which has risen from $67,581.49 to $68,146.26, further reinforcing the bullish outlook. The closeness of the closing prices to these EMAs, especially the 9 EMA, signifies strong support and potential for continued upward momentum.
The Moving Average Convergence Divergence (MACD) has shown a progressive increase in its value, with the MACD line moving from 116.28 to 444.07, and the signal line from -64.78 to 183.78. The histogram has remained positive and grown, indicating strong buying pressure. Concurrently, the Relative Strength Index (RSI) has remained above the neutral 50 mark, oscillating between 55.00 and 61.89. This suggests that while BTC is gaining momentum, it is not yet in the overbought territory, allowing room for further upside.
Key Levels to Watch
The immediate resistance levels to watch are $69,499.85 and $69,568.46, with a more significant barrier at $70,183.55. A break above these levels could signal a strong bullish continuation. On the downside, support levels are established at $69,180.00, $68,652.00, and a slightly lower support at $68,604.42. These levels represent crucial points where buying interest may emerge to uphold the current uptrend.
Overall, the technical indicators are leaning towards a bullish sentiment for Bitcoin on the 4-hour chart. The positive trajectory of both the 9 and 20 EMAs, combined with a strong MACD and a healthy RSI, suggests that the path of least resistance is upwards.
For traders looking to capitalize on this momentum, potential long entry points could be around the $69,180.00 support level, with a view to target resistance levels for exits. Conversely, should a reversal pattern emerge, short positions might be considered if Bitcoin breaks below the key support level of $68,604.42, with exit points set before reaching further support levels.
Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Ecoinimist is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.
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