Bitcoin Technical Analysis
FxNews - Bitcoin has successfully broken out of the bullish channel on the 4-hour chart. The BTCUSD pair is currently testing the R2 support level at $36,983, with the Relative Strength Index (RSI) nearing the overbought territory. On this chart, we observe an inverted hammer pattern, which may indicate potential bearish momentum. Nevertheless, the overall bitcoin market remains bullish, and analysts at FxNews recommend waiting for a breakout above the bearish trendline (illustrated in red) before initiating long positions.
Conversely, while the price trades below the weak bearish trendline (in red), there exists a possibility of the BTCUSD price declining to the R1 support level at $36,009, especially if the bears manage to close below R2. These levels could also provide substantial supply, enabling the bulls to initiate new bullish trades.
In summary, with the bitcoin market maintaining a bullish outlook, it appears more prudent to seek buying opportunities rather than placing sell orders.