Bitcoin turned lower after hitting a key area of interest!
How low will the OG crypto go before the bulls spot a path clearer than Apple’s Liquid Glass?
We’re taking a closer look at the 4-hour chart!
Bitcoin (BTC/USD) 4-hour Forex Chart by TradingView
Bitcoin slipped on Wednesday as rising tensions in the Middle East and a lackluster U.S.-China deal put a lid on risk appetite.
At the same time, the U.S. dollar struggled to hold its ground after a cooler-than-expected CPI report added fuel to expectations for more Fed rate cuts.
Remember that directional biases and volatility conditions in market price are typically driven by fundamentals. If you haven’t yet done your homework on bitcoin and the U.S. dollar, then it’s time to check out the economic calendar and stay updated on daily fundamental news!
BTC/USD remains within the broad range it has held since mid-May, recently retreating from the $110,000 area near the R2 ($110,785) Pivot Point.
The pair is now trading below R1 ($108,289) and looks like it’s heading toward the $106,000 level, which has acted as mid-range support since May and aligns with the 100 and 200 SMAs.
Look out for green candlesticks and sustained trading above $106,000, which could bring BTC/USD back up to the $110,000 previous highs.
But a break below $106,000 may open the door for a deeper pullback toward the S1 ($101,861) Pivot Point, right around the bottom of the range.
Whichever bias you end up trading, don’t forget to practice proper risk management and stay aware of top-tier catalysts that could influence overall market sentiment!
Disclaimer:
Please be aware that the technical analysis content provided herein is for informational and educational purposes only. It should not be construed as trading advice or a suggestion of any specific directional bias. Technical analysis is just one aspect of a comprehensive trading strategy. The technical setups discussed are intended to highlight potential areas of interest that other traders may be observing. Ultimately, all trading decisions, risk management strategies, and their resulting outcomes are the sole responsibility of each individual trader. Please trade responsibly.
