Bitcoin Price Dips Below Key $65K Support, What’s Next?

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The Bitcoin price on the 4-hour chart is currently exhibiting a bearish trend. Recent closing prices indicate a consistent decline, with the latest closing price at $64,244. This downward trajectory aligns with the signals from key technical indicators.

Bitcoin Price Technical Overview

Bitcoin is approaching critical support levels at $64,093.59, $63,732.02, and $63,538.12. A breach of these levels could trigger further downside movement. Conversely, the resistance levels to watch are $64,520.0, $65,701.66, and $66,169.85. A move above these resistances could indicate a reversal and potential upward momentum.

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The 9 EMA and 20 EMA are currently positioned above the recent closing prices, suggesting a bearish short-term outlook. The 9 EMA’s consistent decline below the 20 EMA confirms the selling pressure. Meanwhile, the MACD indicator further supports this bearish sentiment, with both the MACD line and the signal line showing negative values and the histogram indicating a widening gap. This divergence suggests that the bearish momentum is strengthening.

RSI values, hovering around 31.56, indicate that the Bitcoin price is in the oversold territory. This could imply a potential rebound in the near term, but the overall sentiment remains bearish until there is a clear indication of a trend reversal.

Possible Trade Ideas

For traders looking to enter a long position, it is advisable to wait for a confirmed breakout above the resistance levels of $65,701.66 or $66,169.85. Such a breakout could signal the end of the current bearish trend and the start of a new upward movement. Stop-loss orders for long positions should be placed just below the nearest support level to mitigate potential losses.

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For those considering short positions, entering around the resistance levels of $64,520.0 or $65,701.66 could be advantageous, with a target towards the support levels of $64,093.59 or $63,538.12. This strategy aligns with the current bearish trend and takes advantage of the downward momentum.

The technical indicators for the Bitcoin price on the 4-hour chart suggest a bearish outlook, with key support levels being tested and the potential for further downside movement. Traders should closely monitor these levels and indicators to make informed decisions.

Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Ecoinimist is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.

Author

Steven Walgenbach

Steven's passion for cryptocurrency and blockchain technology began in 2014, inspiring him to immerse himself in the field. He notably secured a top 5 world ranking in robotics. While he initially pursued a computer science degree at the University of Texas at Arlington, he chose to pause his studies after two semesters to take a more hands-on approach in advancing cryptocurrency technology. During this period, he actively worked on multiple patents related to cryptocurrency and blockchain. Additionally, Steven has explored various areas of the financial sector, including banking and financial markets, developing prototypes such as fully autonomous trading bots and intuitive interfaces that streamline blockchain integration, among other innovations.

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