Bitcoin (BTC/USD) on a 4-hour timeframe

30 sept.

Price Action Overview:
Current Price: Bitcoin is trading around $63,846, slightly down by 0.32% at the moment.
Recent High: The price reached a recent high of around $64,505, after which a retracement occurred.
Support and Resistance Levels: The chart shows resistance levels at approximately $64,500 and key resistance zones near $67,616. The lower support zone appears to be around $60,000.
Moving Averages:
SMA 100 and SMA 200:
SMA 100 (blue line) is at $62,712.
SMA 200 (blue line) is at $60,049.
The price is currently above both the SMA 100 and SMA 200, which typically signals a bullish trend in the mid-to-long term. The SMA 100 is acting as immediate support, and any correction might be cushioned by these moving averages.
Liquidation Heatmap:
The chart includes a liquidation heatmap, which highlights areas with potential liquidation zones where leverage positions may be unwound. This helps identify price zones with high liquidity and potential resistance or support.

• Liquidation Zones Above: There are visible liquidation levels around $67,616 and $71,876, which might act as strong resistance areas where sellers could step in.
  
• Liquidation Zones Below: Significant liquidation activity is visible below $60,000, suggesting that there may be heavy buying interest in that area.
  

RSI (Relative Strength Index):
The RSI indicator at the bottom of the chart is sitting at 56.98, which indicates neutral momentum—neither overbought nor oversold.

• The RSI has recently fallen from overbought levels (above 70), suggesting that some profit-taking or short-term correction may be underway.
  
• If the RSI dips below 50, it could signal bearish momentum, but currently, it's hovering near the midline, signaling indecision in the market.
  

Potential Trading Scenarios:
Bullish Scenario:
Breakout Above $64,500: If Bitcoin manages to break above the $64,500 level, we could see a continuation toward the next significant resistance level at $67,616 and eventually $70,042 or higher.
If this breakout is accompanied by a rising RSI, the bullish momentum could intensify, leading to a further upside rally.
Bearish Scenario:
Failure to Hold $63,000 Support: If Bitcoin fails to hold above the $63,000 level, it could retrace toward the SMA 100 at $62,712 or the SMA 200 at $60,049.
A break below $60,000 could lead to a deeper correction, potentially triggering liquidation zones below and pushing the price toward $55,000 or lower.
Neutral/Consolidation Scenario:
If Bitcoin remains between $63,000 and $64,500, the price could consolidate in this range. Consolidation near the top of a trend is often a sign of accumulation before the next move, but it could also suggest market indecision, where both bulls and bears are uncertain about the next direction.
Conclusion and Trading Strategy:
Short-Term Strategy:
Neutral to Slight Long: Given that Bitcoin is currently trading above both the SMA 100 and SMA 200, the long-term trend is still bullish.