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Introduction
Bitcoin (BTCUSD) has been making headlines with its current live price of 84,742 USD. As a highly volatile asset, understanding market dynamics is crucial for traders. In this analysis, we will provide two actionable intraday trading signals and a comprehensive market overview using various technical indicators.
Current Market Overview
Bitcoin continues to attract attention globally, especially in regions like Dubai, Singapore, India, Australia, Germany, and the Netherlands. Traders must stay informed about support and resistance levels, Fibonacci retracement, and other indicators to capitalize on market movements.
Technical Analysis
Support & Resistance Levels
Daily Support Levels: 83,000, 82,000, 80,000
Daily Resistance Levels: 85,500, 86,000, 87,500
4-Hour Support Levels: 84,000, 83,500, 82,500
4-Hour Resistance Levels: 85,200, 85,800, 86,300
Fibonacci Retracement Levels
Using the recent swing high and low, the key Fibonacci levels are:
23.6%: 85,000
38.2%: 84,500
61.8%: 83,000
Exponential Moving Averages (EMA)
Daily EMA Levels:
50 EMA: 84,500
100 EMA: 83,000
200 EMA: 81,500
400 EMA: 79,000
4-Hour EMA Levels:
50 EMA: 84,800
100 EMA: 84,200
200 EMA: 83,600
400 EMA: 82,000
RSI Divergence
The Relative Strength Index (RSI) is currently at 62, indicating that Bitcoin is nearing overbought territory. Traders should be cautious of potential price corrections.
Order Blocks
Identifying order blocks can help traders understand where institutional buying/selling is taking place. Current order blocks are visible around 84,500 USD and 83,000 USD.
MACD Analysis
The MACD line is above the signal line, indicating bullish momentum. However, traders should watch for potential crossovers that may signal trend reversals.
Fundamental Analysis
Upcoming USD News
Traders should keep an eye on the upcoming Federal Reserve meetings and Inflation Reports, as these events can significantly impact the BTCUSD market. Positive economic data may lead to a stronger USD, putting downward pressure on Bitcoin prices.
Summary
💡 BTCUSD Daily Analysis Summary by Kohinoor Free VIP Signals – Contact Us
Key Levels:
Daily Support: 83,000, 82,000, 80,000
Daily Resistance: 85,500, 86,000, 87,500
4-Hour Support: 84,000, 83,500, 82,500
4-Hour Resistance: 85,200, 85,800, 86,300
Exponential Moving Averages (EMA)
Daily EMA Levels: 84,500, 83,000, 81,500, 79,000
4-Hour EMA Levels: 84,800, 84,200, 83,600, 82,000
Weekly Pivots:
Weekly Pivot Levels: 84,000, 85,000, 86,000
Daily Pivots:
Daily Pivot Levels: 84,500, 85,000, 85,500
Fibonacci Retracement Levels:
Key Levels: 85,000, 84,500, 83,000
Disclaimer
Risk Warning: Trading Forex and CFDs carries a high level of risk to your capital and you should only trade with money you can afford to lose. Trading Forex and CFDs may not be suitable for all investors, so please ensure that you fully understand the risks involved and seek independent advice if necessary. Please read and ensure you fully understand our Risk Disclosure. Not Financial Advice. Trade at your own risk. Take Partial Profits, Use Strict Stop Loss, and Proper Risk Management.
FAQs
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What is the best time to trade Bitcoin? The best time to trade Bitcoin is during the overlap of the London and New York sessions.
How do I manage risk in Bitcoin trading? Always use strict stop-loss orders and take partial profits.
What is the impact of USD strength on Bitcoin prices? A stronger USD typically puts downward pressure on Bitcoin prices.
How can I learn more about Forex trading? Check our Level 1 Forex Trading Educational Videos.
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