Technical Analysis of Intraday Price Movement of Bitcoin Cryptocurrency, Friday August 04 2023.
August 4, 2023 7:22 am
On the 4-hour chart, the Bitcoin Cryptocurrency appears to be moving in a Ranging / Sideways state where this is indicated by the Moving Average moving between Candle bodies but with the three main levels being penetrated on the CCI indicator which is then halted in its movement in the -100 to 0 level range giving a hint that Bitcoin has found a significant resistance level in this case the Bearish Fair Value Gap level so that in the near future it will try to test the support level at 28946.37 and as long as the decline does not exceed the 28760.23 level then Bitcoin has the opportunity to strengthen up again up to the 29693.29 level because after all also Bitcoin is moving harmoniously inside the Bullish Pitchfork channel.
(Disclaimer)
The material has been provided by InstaForex Company – www.instaforex.com
On the 4-hour chart, the Bitcoin Cryptocurrency appears to be moving in a Ranging / Sideways state where this is indicated by the Moving Average moving between Candle bodies but with the three main levels being penetrated on the CCI indicator which is then halted in its movement in the -100 to 0 level range giving a hint that Bitcoin has found a significant resistance level in this case the Bearish Fair Value Gap level so that in the near future it will try to test the support level at 28946.37 and as long as the decline does not exceed the 28760.23 level then Bitcoin has the opportunity to strengthen up again up to the 29693.29 level because after all also Bitcoin is moving harmoniously inside the Bullish Pitchfork channel.
(Disclaimer)
The material has been provided by InstaForex Company – www.instaforex.com
Related Posts: