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2022/09/08 06:56

BTC/USD Medium-term Trend: Bearish (4H Chart)

Hi I'm Garfield. I see an article about Bitcoin and want to share with you.
The 4-hour chart reveals that Bitcoin (BTC) is currently trading above the 9-day moving average. If the price continues to rise further and moves towards the upper boundary of the channel, it could reach the nearest resistance level at $20,000 and above.
In other words, if the bears bring the price below the lower boundary of the channel, it could reach the closest support at $18,200 and below. Now, the technical indicator Relative Strength Index (14) is crossing above the 40-level, suggesting bullish movement within the market.

Bitcoin (BTC) Faces the North

On the bullish side, the Bitcoin price needs to cross above the moving averages and head towards the upper boundary of the channel, otherwise, there may come a bearish breakdown should it cross below the lower boundary of the channel. Meanwhile, the 9-day MA is below the 21-day MA, and the technical indicator Relative Strength Index (14) sends moderate signs where an oscillation to the higher boundary may confirm the proper trend, which is more likely a bullish trend at the time of the outcome.
However, BTC/USD may confirm the bullish trend if the market price moves above $19,500. On the contrary, the Bitcoin price may follow the bearish trend if the price stays below the moving averages. Should this happen, the king coin may slide to the supports of $17,000, $15,000, and $13,000. Otherwise, a strong bullish spike may push the price towards the resistance levels of $22,000, $24,000, and $26,000.

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