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Bitcoin (BTC) Price Analysis: 4H Chart – Bullish
Key resistance levels: $7500, $7700, $7900
Key support levels: $7100, $6800, $6500
Bitcoin is captured in a sideways trend over the past weeks. The mid-December drop to $6500 was a retest to the late November drop, although BTC has recovered back above $7000 and now trading around $7355 at the moment. Now, Bitcoin is pulling back near the recent break zone of $7300. If this zone fails to hold, BTC may roll back to $7100 support, where the lower-white horizontal zone lies.
A drive below the lower zone could allow a retest at $6800 and $6500 support, marked red on the chart. On the upside, there are close resistances at $7500 and $7700, where the upper-white horizontal zone lies. The major resistance here lies at $7900, marked green on the 4-hours chart. However, Bitcoin is expected to keep rising as long as the RSI and MACD remain positive.
Bitcoin (BTC) Price Analysis: Hourly Chart – Bullish
Bitcoin is following a bullish sentiment on the hourly chart but the price is a bit weak over the last 24-hours. The market is currently sitting on the white rising support line, forming since December 25. Meanwhile, a false break is likely to $7300 – marked blue on the hourly chart. The bears may completely take over if the mentioned price level breaks.
The $7200 and $7100 supports may be exposed to selling pressure once again. However, BTC bulls may soon step back in the market. Reclaiming $7400 and $7500 resistance could trigger more buy to $7600-$7700 area. But looking at the technical indicators, Bitcoin is still looking for a rebound level. We can expect the rally to continue as soon as the pullback ends.
BITCOIN BUY SIGNAL
Buy Entry: $7304
TP: $7500
SL: $7277
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