Bitcoin is currently trading at $98,403, showcasing a dynamic interplay of market forces across short-term, medium-term, and long-term charts.
Bitcoin's 1-hour chart reflects recent price fluctuations, with bitcoin peaking at $101,407 before succumbing to bearish pressure, reaching a low of $97,931. Lower highs suggest a short-term downtrend, while volume spikes align with sell-offs, reinforcing the bearish momentum. Traders could consider entries near $97,000 if bullish reversal signals like green candles with strong volume emerge. Profits can be taken above the $100,000 resistance level, while a stop-loss is recommended below $97,000 to mitigate risks.
On the 4-hour chart, bitcoin's earlier recovery to $103,647 failed to hold, with prices consolidating between $97,000 and $100,000. The smaller candle bodies indicate market indecision. The $96,500–$97,000 range acts as a critical support zone. Mid-term traders may consider partial exits near $101,000, reassessing their positions if this resistance is breached. A stop-loss below $95,000 safeguards against further declines.
Bitcoin's daily chart underscores a broader bullish trend, with bitcoin rallying from $67,443 to $103,647 before retracing. Current prices hover near a previous support zone at $97,000, hinting at potential demand. However, waning volume suggests weakening momentum. Long-term investors might wait for confirmation of support at $96,000–$97,000 or a breakout above $101,000. Targets near $105,000 align with a continuation of the bullish trend, while a stop-loss below $95,000 is prudent.
Oscillators, including the relative strength index (RSI), Stochastic oscillator, and commodity channel index (CCI), are predominantly neutral, reflecting a balanced market sentiment. Momentum indicators show selling pressure, with the momentum oscillator at 816 and the moving average convergence divergence (MACD) at 3,885, signaling potential short-term weakness.
The moving averages (MAs) maintain a bullish stance, with both exponential moving averages (EMAs) and simple moving averages (SMAs) across various timeframes favoring buying conditions. Notably, the 10-period EMA and SMA are positioned at $98,234 and $98,071, respectively, supporting near-term upward moves. Long-term averages, such as the 200-period EMA and SMA at $70,776 and $68,268, reinforce the broader bullish framework.
Bull Verdict:
If bitcoin sustains support above $97,000 and volume picks up, the broader bullish trend could resume, targeting a breakout above $101,000 and extending toward $105,000. The bullish alignment of moving averages supports this outlook, suggesting a favorable risk-to-reward ratio for buyers in the near term.
Bear Verdict:
If bitcoin breaks below the critical $95,000 support, it could signal a deeper bearish reversal. Weak momentum and neutral oscillators hint at a lack of conviction, leaving the door open for further downside toward $92,000 or lower in the short to medium term.