CandleFocus Bitcoin Technical Analysis: Bearish Momentum Meets Critical Support
2024-09-30
Author: Content Editor
Bitcoin's price is at a critical juncture after a sharp sell-off from its high of $66,000. The price has stabilized around $63,682, supported by mixed technical indicators. The 1-hour chart shows a potential rebound as bitcoin finds temporary support near $63,259. On the 4-hour chart, there is ongoing downward pressure with the price consolidating near the $63,000-$64,000 zone. The daily chart shows a retracement with the price hovering near the historically significant support zone of $63,000. A break below this level could signal further downside. Oscillators are showing mixed signals, with the RSI neutral, Stochastic indicating possible further downside, and the MACD suggesting potential recovery. Moving averages also give mixed signals, with short-term averages indicating a sell and longer-term averages flashing buy signals. If bitcoin holds the support at $63,000, there could be a short-term recovery, but a failure to maintain this level could trigger further selling pressure.
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