Sharing my perspective on the current cryptocurrency market. Bitcoin analysis.
Bitcoin (4 hour timeframe). Sellers showed strength at the $119,100 mark, and on the pullback, Bitcoin retested the support zone around $117,000. The Point of Control within the bullish impulse from the start of the month has shifted to around $118,500. For the balance of power to tilt toward buyers, the asset needs to hold above $118,500. At the time of writing, the price is trading above the 4H EMA 100, but bounces from it are weakening. There’s a possibility of a price dip to the upper boundary of the Ascending Channel around $116,000 before the next upward impulse. Over the past week, the highest liquidity remains concentrated above the $120,000 mark data from CoinGlass.
The On-Balance Volume line is approaching the lower Bollinger Band, which could act as support for the indicator. A reversal from this level would signal the development of bullish momentum. Once Bitcoin reclaims the volume level of $118,500, the chances of breaking through the local resistance at $119,000 $120,000 will significantly increase.