Bitcoin on the Edge: Major Move Coming Tomorrow? Nov. 4, 2024
BTC/USD 1-hour chart, here’s a breakdown for technical analysis heading into tomorrow’s trading:
Trend and Price Action:
Bitcoin appears to be in a descending channel, which suggests a bearish trend in the short term. The price has consistently respected the upper and lower trendlines, showing lower highs and lower lows.
Support and Resistance:
Immediate resistance lies around the top of the channel near $69,000, which Bitcoin recently tested but couldn't break through.
Immediate support appears at around $67,459, as indicated by the red line on your chart.
Below $67,459, additional support may be seen around $66,344, the recent low on this chart.
Moving Averages:
Bitcoin’s price is below the moving averages shown, indicating bearish pressure. The moving averages might act as dynamic resistance if the price attempts a breakout.
Volume:
There has been an increase in volume recently, especially near the support areas. This could indicate potential buying interest, but the volume would need to increase on upward moves to support a breakout from the channel.
MACD:
The MACD shows a slight bullish crossover, which could signal a potential reversal or bounce in the short term. However, for a sustained uptrend, the MACD line needs to stay above the signal line and show increased positive momentum.
Strategy for Tomorrow
Bullish Scenario: If Bitcoin can break above the descending channel, especially with strong volume, it could attempt to reach the next resistance around $69,000 or higher.
Bearish Scenario: A rejection at the channel’s upper boundary could lead to a retest of the $67,459 support, with the potential to drop to $66,344 if bearish momentum continues.
Consider watching for breakouts or breakdowns from the channel, and use support/resistance levels for entry and exit points.
Disclaimer:
This analysis is for informational purposes only and not financial advice. Conduct your own research and consider your risk tolerance before making any trading decisions.
Trend and Price Action:
Bitcoin appears to be in a descending channel, which suggests a bearish trend in the short term. The price has consistently respected the upper and lower trendlines, showing lower highs and lower lows.
Support and Resistance:
Immediate resistance lies around the top of the channel near $69,000, which Bitcoin recently tested but couldn't break through.
Immediate support appears at around $67,459, as indicated by the red line on your chart.
Below $67,459, additional support may be seen around $66,344, the recent low on this chart.
Moving Averages:
Bitcoin’s price is below the moving averages shown, indicating bearish pressure. The moving averages might act as dynamic resistance if the price attempts a breakout.
Volume:
There has been an increase in volume recently, especially near the support areas. This could indicate potential buying interest, but the volume would need to increase on upward moves to support a breakout from the channel.
MACD:
The MACD shows a slight bullish crossover, which could signal a potential reversal or bounce in the short term. However, for a sustained uptrend, the MACD line needs to stay above the signal line and show increased positive momentum.
Strategy for Tomorrow
Bullish Scenario: If Bitcoin can break above the descending channel, especially with strong volume, it could attempt to reach the next resistance around $69,000 or higher.
Bearish Scenario: A rejection at the channel’s upper boundary could lead to a retest of the $67,459 support, with the potential to drop to $66,344 if bearish momentum continues.
Consider watching for breakouts or breakdowns from the channel, and use support/resistance levels for entry and exit points.
Disclaimer:
This analysis is for informational purposes only and not financial advice. Conduct your own research and consider your risk tolerance before making any trading decisions.
Clause de non-responsabilité
Les informations et les publications ne sont pas destinées à être, et ne constituent pas, des conseils ou des recommandations en matière de finance, d'investissement, de trading ou d'autres types de conseils fournis ou approuvés par TradingView. Pour en savoir plus, consultez les Conditions d'utilisation.
Clause de non-responsabilité
Les informations et les publications ne sont pas destinées à être, et ne constituent pas, des conseils ou des recommandations en matière de finance, d'investissement, de trading ou d'autres types de conseils fournis ou approuvés par TradingView. Pour en savoir plus, consultez les Conditions d'utilisation.