CandleFocus Bitcoin Technical Analysis: Bears Begin to Claw, Pulling Price to Key Levels
2024-12-02
Author: Content Editor
The current price of Bitcoin reflects a consolidating market with mixed signals from various timeframes, suggesting caution for traders and investors. The 1-hour chart shows a sharp drop followed by a moderate recovery, with support at $94,700 and resistance at $96,500. The 4-hour chart displays a medium-term downtrend with resistance at $98,000-$98,500 and support at $95,000. The daily chart reflects a broader uptrend with Bitcoin nearing the critical $100,000 resistance level. Key oscillators point to neutrality, while momentum and MACD indicators indicate bearish tendencies in the short term. Moving averages suggest a bullish sentiment overall. Long-term technical indicators suggest bullish strength and potential for a breakout above $100,000. However, weakening momentum and declining trading volume increase the risk of further pullbacks.
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