FX.co ★ sufiasharmin | #Bitcoin chart analysis

Bitcoin Price Holds Firm Amidst Predicted Horizontal Trading: Bitcoin, the foremost cryptocurrency globally, maintains its position within a consistent trading range, as traders anticipate a subdued weekend before an eventful week unfolds. Market participants are eagerly awaiting the commencement of trading for Bitcoin and Ethereum exchange-traded funds (ETFs) in Hong Kong, set to kick off on Monday. This development has piqued the interest of investors, especially with the impending Federal Reserve meeting slated for the subsequent week. Drawing insights from historical patterns, analysts highlight Bitcoin's tendency for post-halving corrections in previous cycles. These corrections typically witness the cryptocurrency's value declining by 20% to 25%. Applying this historical framework to the current market landscape, a 20% decrease from Bitcoin's all-time high (ATH) of $73,777K would position its value within a liquidity pool ranging between $60,600 and $59,200. This forecast underscores the potential volatility that may unfold in the cryptocurrency market. Technical Outlook & Trading Strategy: In my previous Bitcoin analysis, I projected that the cryptocurrency would soon reach its recent high of $71,753. However, as it approached the $67,287 mark, it faced downward pressure, encountering resistance at various points. Analyzing the hourly chart, we observe that Bitcoin is currently trading below both the exponential moving average 34 and the fifty-day moving average. The On-balance Volume (OBV) indicator indicates a bearish momentum in the market.

Meanwhile, Bitcoin has touched the EMA-50 level twice but retraced, forming wicks at the upper end. This suggests that sellers have exhibited slightly more strength than buyers in the recent trading sessions.