Over the last two days, 
BTCUSDT fell from its positive trend in the medium term, breaking below the crucial support level of $42,450. Should Bitcoin not manage to recover this level within the next day, there's a risk it could further decline to the next support at $40,000 soon. However, traders and investors should be aware that a bullish pattern, known as a falling wedge, has emerged on the 4-hour chart of the cryptocurrency. This pattern often suggests a potential upward movement in price.
A significant sign of recovery would be Bitcoin closing a 4-hour candlestick above $42,450, which could then set the stage for a rise towards the resistance at $44,430. Surpassing this level might pave the way for Bitcoin to potentially reach up to $47,390 over the next week.
Despite these prospects, technical indicators hint at a possible further decrease in Bitcoin's price. The Moving Average Convergence Divergence (MACD) shows a bearish divergence as it moves below the signal line, indicating a strengthening of the bearish trend. Furthermore, the Relative Strength Index (RSI) lies below its Simple Moving Average (SMA) line, signifying that the bearish momentum outweighs buying pressure.
However, a silver lining is observed with the RSI on the 4-hour chart trending upwards and nearing oversold conditions, suggesting that Bitcoin has more room to grow than to fall. This could be seen as a buying opportunity by investors, potentially leading to a short-term increase in Bitcoin's price.
BTCUSDT fell from its positive trend in the medium term, breaking below the crucial support level of $42,450. Should Bitcoin not manage to recover this level within the next day, there's a risk it could further decline to the next support at $40,000 soon. However, traders and investors should be aware that a bullish pattern, known as a falling wedge, has emerged on the 4-hour chart of the cryptocurrency. This pattern often suggests a potential upward movement in price.A significant sign of recovery would be Bitcoin closing a 4-hour candlestick above $42,450, which could then set the stage for a rise towards the resistance at $44,430. Surpassing this level might pave the way for Bitcoin to potentially reach up to $47,390 over the next week.
Despite these prospects, technical indicators hint at a possible further decrease in Bitcoin's price. The Moving Average Convergence Divergence (MACD) shows a bearish divergence as it moves below the signal line, indicating a strengthening of the bearish trend. Furthermore, the Relative Strength Index (RSI) lies below its Simple Moving Average (SMA) line, signifying that the bearish momentum outweighs buying pressure.
However, a silver lining is observed with the RSI on the 4-hour chart trending upwards and nearing oversold conditions, suggesting that Bitcoin has more room to grow than to fall. This could be seen as a buying opportunity by investors, potentially leading to a short-term increase in Bitcoin's price.
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.