CandleFocus Bitcoin Technical Analysis: BTC's Short-Term Correction—What the Charts Reveal
2024-11-24
Author: Content Editor
The recent price action of Bitcoin indicates a short-term bearish correction, but the overall trend remains bullish. The hourly chart shows a bearish trend, with support at $96,500 and a potential break below triggering further selling. On the 4-hour chart, Bitcoin is in a clear downtrend, but a short-term bounce is possible if support at $96,500 holds. The daily chart reflects a broader bullish trend, but recent price action suggests exhaustion. Support at $96,000 may be a good entry point for long positions. Overall, Bitcoin's long-term trend remains bullish, with pullbacks to $95,000 or $96,500 presenting buying opportunities. However, caution is advised if support at $96,500 is broken.
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