Bitcoin is currently priced at $67,046 on June 14, 2024, with intraday fluctuations ranging from $66,425 to $68,506. The market capitalization of the leading cryptocurrency stands at $1.31 trillion, with a 24-hour trading volume of $23.92 billion. Technical analysis suggests a prevailing downtrend, outlining crucial support and resistance levels for traders.
Bitcoin's hourly chart reveals a downward trend with minor consolidation, with key support at $66,242 and resistance at $68,506. Volume spikes during significant price movements indicate strong selling pressure. Traders may consider entering near the support level upon signs of reversal or stabilization, while exits near resistance levels are advisable, especially in the presence of strong resistance.
On the 4-hour chart, a downtrend is evident with lower highs and lower lows, showing support around $66,011 and resistance at $70,167. Volume spikes point to significant selling interest at higher levels. Traders could opt to enter near the support level if the price shows signs of bottoming out and exit near resistance if upward momentum falters.
The daily chart displays a long-term downtrend with pronounced swings, showcasing support at $66,000 and resistance at $71,958. Higher volumes during days with large price swings suggest robust market participation. Entry opportunities may arise near the support level if a consolidation or reversal pattern emerges, with exits planned around the higher resistance level.
Oscillators present a mixed picture, with the RSI at 45, Stochastic at 21, CCI at -130, and ADX at 19 indicating a neutral stance. However, the momentum oscillator at -3713 and MACD level at 277 both signal bearish sentiment, reinforcing the overall negative outlook.
Moving averages reinforce this bearish sentiment, with EMAs and SMAs for 10, 20, and 30 periods signaling a sell, as prices remain below these averages. Only the 50, 100, and 200-period EMAs and SMAs suggest a buy signal, hinting at potential long-term support levels.
In conclusion, despite the current downtrend, the long-term support levels indicated by the 50, 100, and 200-period moving averages suggest strong buying interest around these levels. A consolidation and reversal pattern near these supports could potentially lead to a bullish trend aiming for higher resistance levels. However, caution is advised due to the prevailing downtrend across multiple time frames, bearish signals from key oscillators and moving averages, indicating continued downward pressure. Traders should closely monitor immediate support levels for potential breakdowns.
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