Hello Crypto Traders, today we will do bitcoin technical analysis. In this article, we will examine the important support and resistance levels of bitcoin (BTC) and provide you with some insights on the possible price movements in the near future.
Let’s start by looking at the current price of bitcoin, which is $47484 at the time of writing. As you may know, bitcoin has experienced a significant upward move from its $31800 low and has been trading extremely volatile for the last few days.
We have drawn some important trendlines on the bitcoin chart analysis to show you the support and resistance zones that BTC price is facing right now. As you can see, bitcoin price is approaching its critical resistance level of $48549.
This level has acted as a strong resistance in the past and if it breaks, we may see a bullish breakout to the upside. However, if this level failed to break, we may see a further decline to the next support level of $45K or even $44200.
On the other hand, the current support level of bitcoin is around $47100. This level has acted as a strong resistance in the past and if it breaks with a high volume, we may see a rally to the next resistance level of $52062.
However, if $48k level breaks, we may see a BTC bullish momentum and a continuation of the uptrend. As you know, the crypto market is very volatile and unpredictable, so we advise you to trade with caution and use stop-loss to protect capital.
Bitcoin Technical Analysis – BTC Price Prediction 2024
If we zoom out to the daily time frame, we can see that bitcoin price is trading above both the 50-day exponential moving average (EMA) and the 200-day EMA. This indicates that bitcoin is in a bullish trend and needs to stay above these moving averages to continuation of the uptrend.
Similarly, if we apply the fibonacci retracement tool from the top to the bottom of the recent swing, we can see in bitcoin analysis that BTC price is trading above the 0.786 level. This level is also a support zone and if bitcoin breaks below it, we may see a down move to the 0.618 level, which coincides with the $45042 support.
Bitcoin Analysis Today – FAQ
What is the current price of Bitcoin?
The current price of Bitcoin is $47484, which is below its $69000 top.
What are the important support and resistance levels of bitcoin?
According to bitcoin analysis today, the important support levels of bitcoin are $47100 and $45062, and the important resistance levels are $48549 and $52062.
What are the possible scenarios for the price of bitcoin in the coming time?
Bitcoin technical analysis today, if bitcoin breaks the resistance of $48549 with a good volume, it can go up to $52062. If Bitcoin breaks the support of $47100 it can go down to $45062.
In conclusion, bitcoin chart analysis today showing some important support and resistance levels and BTC price action will depend on whether it breaks or holds these levels. We will keep you updated on any major volatile move and provide you with more technical analysis in our future articles.
As you know, the crypto market is very volatile and unpredictable, so you should trade with caution and use proper risk management. Always use stop loss to protect capital and do not risk more than you can afford to lose. If you want to read more crypto technical analysis reports and articles, join CoinFTA and stay updated with the latest market trends.
Disclaimer: This technical analysis article is for informational purposes only and does not constitute financial, legal or investment advice. Please do your own research before making any decisions. We are not liable for any financial losses incurred.
