Bitcoin is currently valued at $109,449, boasting a market cap of $2.18 trillion and a 24-hour trading volume reaching $20.54 billion. The day’s price movement has been relatively stable, fluctuating between $109,276 and $109,761—enough to keep traders on edge but not overly excited.
What insights does the daily bitcoin chart offer today? It suggests a predominantly bearish trend following its rise to $117,968 and subsequent drop to $107,270. The current price range of between $109,000 and $110,000 indicates consolidation. Although there was an increase in sell-side volume hinting at bearish activity winding down.
The crucial levels are as follows: support is comfortably placed between $107,& & $500, while resistance is positioned from $114,,&$117,. A move above $111&,000 could potentially trigger a short-term bullish rally though for now the chart seems lackluster.
A closer look at the 4-hour bitcoin chart reveals more clarity for those considering short positions. After breaking down from the &dollar114&ccomma&ccomma0 region prices have formed descending channel contained within range &dollar108600-&dollar9&&8&&00 suggesting bearish flag formation however decreasing selling volumes indicate either exhaustion or temporary pause should break below with conviction target becomes feasible again
Examining one hour timeframe Bitcoin appears stuck sideways motion akin traffic jam bounded tightly by levels failed attempt upward movement low volumes here suggest quiet accumulation large players scalpers might find opportunities around long stops near shorts if resistance holds quick maneuvers necessary navigate choppy waters
The oscillators present mixed signals: Relative Strength Index (RSI) stands neutral at 38 while Stochastic Oscillator registers same sentiment commodity channel index (CCI) dips deeply into negative territory -130 momentum sharply angles downward -7&666 moving average convergence divergence (MACD) also leans towards selling pressure with level sitting -926 Awesome Oscillator mildly negative yet neutral too average directional index barely awake indicating lack strong trend direction
The moving averages paint predominantly red picture from period exponential moving average EMA located period simple SMA nearly every indicator shouts Only longer term EMAs SMAs provide glimmer hope reminding broader perspective calming nerves essentially bulls face uphill battle regain control market narrative
Bullish Outlook:
If Bitcoin manages surpass mark accompanied significant trading activity breach upper consolidation boundary conditions favor potential relief rally With sellers appearing fatigued longer-term indicators still displaying optimism bulls remain contention
Bearish Outlook:
<P key shorter midterm averages pointing downward momentum indicators supporting path least resistance likely continues If support falters retesting lower bound scenario becomes increasingly plausible probable outcome