Bitcoin, Technical Analysis – H4
Despite sharp local corrective bounces fueled by buyers defending round-number support levels, the asset continues to exhibit overall weakness and distinctly bearish momentum.
Despite sharp local corrective bounces fueled by buyers defending round-number support levels, the asset continues to exhibit overall weakness and distinctly bearish momentum. Once bears decisively break the $58,000 support, the price is expected to decline toward $57,000, where it may encounter renewed local demand (including from short sellers taking profit).
Key Levels:
□ $57,000
□ $58,000
□ $59,000
Primary Scenario:
Decline to $57,000.
Alternative Scenario:
Consolidation between $58,000 and $59,000.
Analyst Commentary:
Long positions look highly unpromising in the current market environment.
Nikolai Krishtopov is a Market Analyst at Investizo with more than 15 years of experience in the financial markets industry and over a decade of trading experience. His areas of focus include forex and crypto markets, technical analysis, intraday trading and market behaviour.