empty
 
 
24.03.2023 07:10 AM
BTCUSD, H4 | Potential Reversal from a key level ?

This image is no longer relevant
The BTC/USD chart is currently bearish, indicating potential further price drops. The first resistance level at 28342 could prompt a bearish reaction towards the first support level at 26557. This support level is an overlap support with a 23.60% Fibonacci retracement, which could be a strong buying interest area. If broken, the price could fall towards the second support level at 25204, which is also an overlap support with a 38.20% Fibonacci retracement.

On the resistance side, the first resistance level at 28342 is a multi-swing high resistance that could lead to significant selling pressure. Breaking through it may drive the price towards the second resistance level at 31662, a swing high resistance.

Dean Leo,
Analytical expert of InstaTrade
© 2007-2024
Can't speak right now?
Ask your question in the chat.