BTCUSDT 4H | Bitcoin market overview: Follow the white rabbit
Hello, dear subscribers!
In the previous review, we pointed to the break of important support - 2.15M OBV indicator as a signal of the upcoming bitcoin price drop.
This prediction has come true. It also indicates that the bitcoin market has moved from a growth phase to a decline phase. The downside target in the previous review was designated as $45,000. So far the bitcoin price has only reached $48,000, dropping more than $7,000 in a day.
Let's mark the new levels and support and resistance zones and mark the important ones:
Resistance level - $51,000
Resistance zone 1 - $52,500 - $53,000
Support zone $47,500 - $48,000
Bitcoin price is between them. Perhaps we will see the bulls trying to recover their position. Buyers need to consolidate above $53,000 to declare it. Sellers may continue their attack and trigger a drop to $45,000. Either from the current levels or after a failed bull attack on the $51,000 and $53,000 levels. The MACD and RSI are slightly oversold in the bitcoin market, which is favorable to the bulls. Resistance for the bulls on the OBV indicator is 2.10M. We might see a test of this resistance and a short-term rise in the bitcoin price. Either way, we would recommend refraining from buying bitcoin as the market is in a declining phase.
Subscribe to the channel and stay tuned!
In the previous review, we pointed to the break of important support - 2.15M OBV indicator as a signal of the upcoming bitcoin price drop.
This prediction has come true. It also indicates that the bitcoin market has moved from a growth phase to a decline phase. The downside target in the previous review was designated as $45,000. So far the bitcoin price has only reached $48,000, dropping more than $7,000 in a day.
Let's mark the new levels and support and resistance zones and mark the important ones:
Resistance level - $51,000
Resistance zone 1 - $52,500 - $53,000
Support zone $47,500 - $48,000
Bitcoin price is between them. Perhaps we will see the bulls trying to recover their position. Buyers need to consolidate above $53,000 to declare it. Sellers may continue their attack and trigger a drop to $45,000. Either from the current levels or after a failed bull attack on the $51,000 and $53,000 levels. The MACD and RSI are slightly oversold in the bitcoin market, which is favorable to the bulls. Resistance for the bulls on the OBV indicator is 2.10M. We might see a test of this resistance and a short-term rise in the bitcoin price. Either way, we would recommend refraining from buying bitcoin as the market is in a declining phase.
Subscribe to the channel and stay tuned!
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