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📉 BTC/USD H4 Chart Analysis
The BTC/USD H4 chart shows that Bitcoin is currently in an upward channel, with recent movements indicating a bullish trend. Here’s a closer look at the key levels and trend indicators:
Key Resistance Levels:
$77,140 – BTC is approaching this upper boundary of the channel, and a breakout above it could indicate further bullish momentum.
$75,882 – This level represents the current local resistance. A sustained move above could suggest a continuation of the uptrend.
$74,735 – Another key resistance that BTC has previously tested. Remaining above this level reinforces the bullish trend.
Key Support Levels:
$67,594 – This is a critical support level marked in green. If BTC faces a downturn, this level might provide significant support to halt a deeper retracement.
Trend Lines:
BTC is moving within a rising channel, as indicated by the parallel orange trend lines. The price action remains within this channel, confirming a strong uptrend.
The recent intersection with the upper trend line suggests that BTC may either break out or retest lower support levels within the channel.
Summary:
Bullish Case: Breaking above $77,140 could confirm a stronger uptrend, with potential for additional gains.
Bearish Case: If BTC fails to break through current resistance, it could retrace to test support levels around $67,594.
Risk Management: With a reported drawdown of 30.44%, applying caution and considering stop-loss adjustments may help manage risk in case of a sudden reversal.
#BTCUSD Bitcoin #CryptoAnalysis CryptoMarket #TechnicalAnalysis BTC