On June 14, 2024, the price of Bitcoin stands at $67,046 USD, with daily price fluctuations ranging from $66,425 to $68,506 USD. The leading cryptocurrency boasts a market capitalization of $1.31 trillion and a 24-hour trading volume of $23.92 billion. Technical analysis across multiple time frames indicates a prevailing bearish trend, highlighting critical support and resistance levels for traders.
Hourly Chart
The hourly chart shows a general downtrend with minor consolidation. Key support is identified around $66,242 USD, with resistance at $68,506 USD. Significant volume spikes during major price movements suggest strong selling pressure. Potential entry points may be near the support level if signs of reversal or stabilization appear, while exits should be considered near resistance, particularly if the price encounters strong resistance.
Four-Hour Chart
The four-hour chart also points to a downtrend, with lower highs and lower lows. Support on this chart is around $66,011 USD, and resistance is at $70,167 USD. Volume increases indicate substantial selling interest at higher levels. Traders might consider entering near the support level if the price shows signs of bottoming and exiting near resistance if upward momentum stalls.
Daily Chart
The daily chart continues to show a long-term downtrend with notable volatility. Support is around $66,000 USD, while resistance is much higher at $71,958 USD. High volumes on days with significant price swings suggest strong market participation. Entry opportunities may appear near the support level if a consolidation or reversal pattern emerges, with exits planned around the higher resistance level.
Oscillators and Moving Averages
Oscillators present a mixed picture. The Relative Strength Index (RSI) at 45, Stochastic at 21, Commodity Channel Index (CCI) at -130, and Average Directional Index (ADX) at 19 indicate a neutral stance. However, the Momentum Indicator at -3713 and the Moving Average Convergence Divergence (MACD) at 277 signal a bearish outlook, reinforcing the overall negative sentiment.
Moving averages further support this bearish view. The Exponential Moving Averages (EMA) and Simple Moving Averages (SMA) for the 10, 20, and 30 periods suggest a sell signal, with prices well below these averages. Only the 50, 100, and 200-period EMAs and SMAs indicate a buy signal, suggesting potential long-term support levels.
Bullish Outlook
Despite the current downtrend, the long-term support levels indicated by the 50, 100, and 200-period moving averages suggest that Bitcoin might find strong buying interest around these levels. If the price consolidates and forms a reversal pattern near these support levels, an upward trend targeting higher resistance levels could emerge.
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Bearish Outlook
The prevailing downtrend across multiple time frames, coupled with bearish signals from key oscillators and short-term moving averages, indicates continued downward pressure. Traders should exercise caution, as momentum indicators and MACD point to further declines, with immediate support levels being crucial to monitor for potential breakdowns.
Important Notice: The content presented in this article is intended for informational purposes only and should not be interpreted as financial advice. Coinshibainu.com bears no responsibility for any investment decisions made relying on the information contained herein. It is highly recommended to consult with a qualified expert or financial advisor before making any investment decisions.
