Journalist
Posted:
- The H4 -Swing structure of Bitcoin was Beerarish
- A movement below the local support level can be followed by a rebound to $ 99k
Bitcoin [BTC] Has seen reduced trading volume and volatility after the $ 92k retest in the past ten days at the beginning of February. Swing traders can confuse this lack of momentum and trend.
Technical analysis showed that a strong step may not be released this week, but it does offer some trade options.
Just as things say now, the price action and the liquidation heat gave a movement to $ 94k could unravel.
Bitcoin has defended the support of $ 95.5K, but …
Source: BTC/USDT on TradingView
At the time of the press, Bitcoin went to the level of 0.25 within his reach. The levels of 25% and 75% within reach generally serve as support or resistance, but are not as strong as the middle range level.
The 4-hour RSI has fallen under neutral 50, which indicates a shift in Momentum. The Swing-market structure on this time frame is Beerarish, with the $ 98k $ 99k zone is a strict resistance in the past two weeks.
The low trade volume in the past few days means that the BBV has hardly been moved the recently. The recent downward price movement was also supported by a weak volume, which suggests that it could stop at $ 95k $ 95.5k.
Source: Coinglass
The 1 -week liquidation heat emphasized the $ 94k area as a strong magnetic zone. In the north, the local highlights of $ 99k was also a liquidity pocket with note.
The short-term Bearish Momentum can bring the BTC price to $ 94k before it goes back to the next magnetic zone for $ 99k.
Source: Coinglass
The 24-hour graph also supported this idea. The price has rather the level of $ 95.2K, which is the nearest area of considerable liquidation levels, instead of the level of $ 97.8k.
This small dip lower could pave the road for a move to $ 94k and a rebound, and would be the expectation for Bitcoin’s price movement this week.
Disclaimer: The presented information does not form financial, investments, trade or other types of advice and is only the opinion of the writer