Bitcoin Trading Range
In the four-hour technical analysis of Bitcoin, it's observed that the price is fluctuating within two defined trading ranges. The lower boundary of these ranges is around $42,800, serving as a key support level.
Conversely, the main resistance is identified in the range of $44,700 to $44,500. Analyzing the price reactions in these pre-determined areas can lead to a better understanding of market trends.
To determine Bitcoin's exit from these trading ranges, we should look for a price breakout from the resistance or support levels.
This breakout could indicate a trend change and is often accompanied by an increase in trading volume and buying pressure.
Particularly, a pullback after the breakout can provide favorable trading opportunities, and the breakout is expected to confirm the continuation of an upward or downward trend.
This analysis is for informational purposes only and should not be considered as financial advice.
Observing Bitcoin dominance on a 4-hour timeframe, we are witnessing a bearish trend. The next key support level to consider is 53.
Bitcoin dominance has so far reacted to this level, but the overall trend seems to be downward. A trend reversal, indicated by a Market Trend Reversal (MTR) - marked by reclaiming its previous high - would signal the end of the bearish trend.
However, until we see such a change, a further decline in Bitcoin dominance is more probable.
Conversely, the main resistance is identified in the range of $44,700 to $44,500. Analyzing the price reactions in these pre-determined areas can lead to a better understanding of market trends.
To determine Bitcoin's exit from these trading ranges, we should look for a price breakout from the resistance or support levels.
This breakout could indicate a trend change and is often accompanied by an increase in trading volume and buying pressure.
Particularly, a pullback after the breakout can provide favorable trading opportunities, and the breakout is expected to confirm the continuation of an upward or downward trend.
This analysis is for informational purposes only and should not be considered as financial advice.
Observing Bitcoin dominance on a 4-hour timeframe, we are witnessing a bearish trend. The next key support level to consider is 53.
Bitcoin dominance has so far reacted to this level, but the overall trend seems to be downward. A trend reversal, indicated by a Market Trend Reversal (MTR) - marked by reclaiming its previous high - would signal the end of the bearish trend.
However, until we see such a change, a further decline in Bitcoin dominance is more probable.
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