Sharing my perspective on the current cryptocurrency market. Bitcoin analysis.
Bitcoin (4 hour timeframe). Bitcoin’s rebound occurred slightly earlier than the anticipated reversal zone around $112,500. Buying activity for the asset intensified at the $112,700 level. The RSI indicator reversed from the lower Bollinger Band, moving above the 30 mark, signaling the start of the asset’s recovery. The lower boundary of the Ichimoku Cloud will now act as resistance for the upward movement, so around $114,500 $115,000, the initiative may shift back to sellers.
Next, I expect a renewed price decline to the support zone around $112,700 $113,000. If sellers dominate here, Bitcoin could test the lower boundary of the trading channel at $112,400. It’s crucial to monitor for the formation of a bullish RSI divergence, which would signal a market reversal. Following this, I anticipate another upward breakout from the trading formation with a new impulse for asset growth.