Bitcoin price analysis shows improvement on hourly charts. The Bitcoin/USD pair is currently hovering near $23,230, making chart lows. The only concern plaguing day traders is the lack of volume that could threaten the current price rally. Traders are looking for more conviction in this rally and hence are sitting on the sidelines. Institutional buyers are currently not actively participating.
Stocks are trading relatively higher given the Fed’s decision and higher earnings. A reversal from the $24,500 level indicates that buying motivation is not strong and buyers are not in a confident position. Consolidation is sure to go higher as the pair gradually moves to higher levels. The pair will first come under pressure at the 50-day EMA, where any decisive buying will be more evident on volume data.
Bitcoin Price Analysis in Last 24 Hours: Neutral with Higher Bias
There are currently no aggressive offers in the market that can increase trust. The retracement is gradually moving higher and the BTC/USD pair ends the consolidation without any big explosion. A rise from $18,900 would certainly add to the positive sentiment. The swing above $24,000 has been a tough cookie to break, and a corrective pullback is limiting BTC/USD’s upside potential.
Bitcoin price analysis shows that the pullback is also losing. Daily charts may drop near $23,000 to allow Bitcoin to move higher in a healthy way. The resistance zone near $23,400 has also kept the price low. The pair needs to close decisively above this level in order to move higher and possibly surpass the psychological level of $25,000.
BTC/USD 4-hour price chart: Bearish flag pattern threatens pullback
The hourly chart scenario presents mixed signals. Hourly Bitcoin price analysis shows a bearish flag pattern near the higher trend line. The pair can be rejected again as the continuation pattern can lead to a lower pair. If the price declines, the BTC/USD pair could quickly move towards $21,750, according to Bitcoin Price Analysis.
The current price action can be called choppy with a higher bias. It is unlikely that the weekend will change the pattern as volumes will decrease and no clear direction will emerge from the current trend. The RSI is stagnant at the ear level of 50, complicating matters. Uncertainty in price action is evident in the MACD indicator as well as where the lines converge.
Bitcoin Price Analysis Conclusion: Positive bias keeps trader’s spirits high
Most of the green candlesticks on the charts contribute to positive price action. The 20-day moving average and the 50-day moving average do not allow much movement in price. Bullish sentiment is muted.
A close above the $24,200 level makes things very interesting. The RSI is certainly above the 50 zone and will reach the overbought zone as the trend strengthens over the weekend.
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