Bitcoin Bearish Divergence Analysis

13 thg 4, 2023

BTC/USDT 4H Chart Analysis: Bearish Divergence Indicates Possible Retracement


Bitcoin is currently trading at $30500 against the USDT. A 4-hour chart analysis indicates the possibility of a retracement due to the bearish divergence and RSI bearishness. This article will provide a detailed analysis of the 4-hour chart and highlight the support and resistance levels to watch out for.

4H Chart Analysis:
The 4-hour chart of BTC/USDT shows bearish divergence, indicating a potential retracement. The last 4-hour candle has also closed, indicating a possible continuation of the retracement. The Relative Strength Index (RSI) is also bearish, adding to the probability of a downtrend.

Support and Resistance Levels:
Based on the 4-hour chart analysis, the support levels to watch out for are $29929 and $29071. On the other hand, the resistance level is at $30650. These levels should be monitored closely as they will determine the direction of the market.

Takeaways:

The 4-hour chart analysis of BTC/USDT shows bearish divergence.
The RSI is bearish, supporting the possibility of a downtrend.
The support levels to watch out for are $29929 and 29071, while the resistance level is at $30650.
Conclusion:
In conclusion, the 4-hour chart analysis of BTC/USDT indicates the possibility of a retracement due to the bearish divergence and RSI bearishness. Traders should closely monitor the support and resistance levels provided and exercise caution when trading. As always, it's essential to have a stop loss in place to mitigate potential losses.

Hey, it's CryptoPatel here!
I'm passionate about providing you with the latest insights and analysis on the world of cryptocurrencies.
If you enjoy my content and want to show your support, please like, share, and follow me for more high-quality updates.
Thank you for your support, and let's continue to stay connected for more exciting content!
LIKE
Share
Follow