Bitcoin (BTC/USDT) Technical Analysis

1. Monthly Chart (12M Renko)

• Price: Currently trading at $42,282.90.
• Resistance:
• $46,219.80 (All-time high).
• Fibonacci 0.764 at $39,216.50, which acts as a support/resistance level.
• Support:
• $37,376.70 (0.702 Fib level).
• $31,382.40 (0.5 Fib level) represents a key support in case of a larger pullback.
• Outlook: A significant uptrend is visible, but the price is approaching resistance levels. There may be some resistance near the $46,000 mark. Support is around $37,376.70.

2. Monthly Chart (1M Renko)

• Current Price: $54,270.90, with a recent high of $70,000.00.
• Key Levels:
• Support Zone: Between $42,000 and $54,000 (highlighted by the FVG).
• Resistance: $70,000, a psychological barrier.
• Outlook: The chart shows that Bitcoin is testing the upper range. If it breaks below $54,000, it could revisit the $42,000 zone. The trend is still bullish but could face a correction.

3. Weekly Chart (1W Renko)

• Price: Currently at $54,275.90, with a high of $66,000.
• Support Zone: $44,000 to $50,000, supported by the Fair Value Gap (FVG).
• Key Fibonacci Levels:
• 0.618 Fib at $37,671.80, which is a critical support in case of a larger pullback.
• 0.764 Fib at $29,306.10.
• Outlook: A correction down to $50,000 or $44,000 is possible if the current price fails to hold. The next major support would be $37,671.80 if this correction deepens.

4. Daily Chart (1D Renko)

• Current Price: $54,270.90.
• Resistance:
• $59,560.10 (0.236 Fib).
• The upper range is near $73,000.
• Support:
• $52,254.30 (critical psychological support).
• $44,433.10 (0.5 Fib).
• RSI: At 49.39, indicating neutral conditions.
• Outlook: The current price is consolidating around $54,000 with potential support at $52,254. If it breaks this level, expect it to fall to $44,433.

5. 4-Hour Chart (4H Renko)

• Current Price: $54,277.90.
• Resistance:
• $61,407.70 (0.236 Fib).
• $64,476.20 and $69,346.80 represent intermediate resistances.
• Support:
• Immediate support at $52,000, with more significant support near $44,000.
• RSI: At 34.23, showing bearish momentum in the short term.
• Outlook: If Bitcoin doesn’t bounce from $52,000, it could slide toward the $44,000 level. Bearish sentiment is prevailing in the short term.

6. 30-Minute Chart (30M Renko)

• Price: $54,300.
• Resistance: $69,820.60.
• Support:
• Immediate support at $49,800.
• Bearish pressure shows that Bitcoin may retest lower levels in the short term.
• RSI: At 39.21, indicating more room for bearish continuation.
• Outlook: In the short term, Bitcoin might retest $49,800 and then make a decision whether to hold support or continue downward.

Conclusion & Trading Strategy

Short-Term (Next Few Days)

• Bearish Sentiment: Short-term RSI and price action are pointing toward bearish momentum.
• Support Zones: Look for support around $52,000; if broken, expect the price to fall toward $44,000.
• Resistance: Any attempt to break higher will face resistance at $59,560 and $61,407.
• Strategy: Consider shorting Bitcoin if it breaks below $52,000. Target $44,000 with a stop-loss above $61,000.

Medium-Term (Next Few Weeks)

• Correction Likely: If Bitcoin fails to regain $59,000, it may correct toward $44,000 or even $37,671 (0.618 Fib level).
• Bullish Scenario: If Bitcoin rebounds from $52,000, it may retest $59,000.
• Strategy: Wait for a clear bounce around $44,000 or a breakdown below $52,000 before entering a trade.

Long-Term (Next Few Months)

• Uptrend Intact: Bitcoin’s long-term uptrend remains intact unless it breaks below $37,000.
• Potential Highs: Bitcoin can retest $70,000 if it holds $50,000-52,000.
• Strategy: Long-term holders should consider buying around $44,000 with a target toward $70,000.

Risk: Be cautious of external factors like regulatory news or macroeconomic changes that may affect Bitcoin’s price.