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A Deep Dive into Bitcoin's Technical Analysis and News ImpactBitcoin's current price is $24700, and it's being analyzed over a 4-hour timeframe. The Relative Strength Index (RSI) is 64, indicating that the cryptocurrency is in slightly overbought territory but still has some room to grow. The Volume oscillator is -8.52%, which indicates lower trading volume than average. The Moving Average Convergence Divergence (MACD) is currently at 1010, which indicates that the bullish momentum is strong, but it could turn into a bearish one if the trend reverses. On the technical side, the 4-hour timeframe Fibonacci retracement levels suggest that Bitcoin's support levels are at 0.5 Fibonacci level of $22967 and 1 Fibonacci level of $19549, and resistance levels are at 0 Fibonacci level of $26386 and upper Bollinger band of $26813. The lower Bollinger band of $19820 is acting as strong support. The middle Bollinger band of $23317 indicates the average price level. Bitcoin is facing a sharp correction in its price. The Paxful founder called the recent pump to $26000 as weak, indicating that it could be a bubble. On the other hand, a South Korean trader lost almost $1 million by shorting Bitcoin. Based on the technical analysis, it seems that the current price of Bitcoin is likely to experience some resistance at the 0 Fibonacci level of $26386 and the upper Bollinger band of $26813. It may also find some support at the 0.5 Fibonacci level of $22967 and the lower Bollinger band of $19820. The sharp correction could have contributed to the lower trading volume indicated by the volume oscillator. The Paxful founder's statement may have added to the bearish sentiment, but the strong bullish momentum indicated by the MACD and Stochastic oscillators suggests that the current price drop may not last for long. Regarding opening long or short positions, it depends on an individual's trading strategy and risk tolerance. However, here are some possible scenarios: Long position: If the price bounces off the strong support levels and starts to move upwards, it could be a good spot to open a long position. Additionally, if the price breaks above the strong resistance levels with strong momentum, it could also be an opportunity to open a long position. Short position: If the price breaks below the strong support levels with strong momentum, it could be a good spot to open a short position. Additionally, if the price reaches strong resistance levels and shows signs of rejection or reversal, it could also be an opportunity to open a short position. It's essential to keep in mind that any trading decision should be made with proper risk management techniques in place, such as setting stop-loss orders and taking profits at predetermined levels. Additionally, traders should keep an eye on any relevant news or events that could impact the price of Bitcoin.
by MonoCoinSignal
35
EURUSD$EURUSD EU made a short push to the upside but couldn't push pass 1.07492 breaker after CPI. Since that's the case, I'm looking for EU to move to the downside. Disclaimer: This is not trade advice. Trading foreign currencies, stocks, indices, etc can be a challenging and potentially profitable opportunity for investors. However, before deciding to participate in the financial markets, you should carefully consider your investment objectives, level of experience, and risk appetite. Most importantly, do not invest money you cannot afford to lose!!! Good luck and Happy trading!
Short
by DTradesFX2
4
Trading AUDSGD: Consider Long Entry at Support LevelIn the four-hour candlestick chart, AUDSGD is currently trending downwards. It's risky to short now as it has reached the bottom level . Taking a long position at this support level is a better option. But remember that, this support area is slightly tested. Long entry: 0.88641 Stop loss: 0.88002 Target: 0.90603 Thanks & regards, Alpha Trading Station Disclaimer: This view is for educational purpose only & any stock mentioned here should not be taken as a trading/investing advice. We may or may not have position in the stocks mentioned here. Please consult your financial advisor before investing. Because Price is the "King of Market
Long
by AlphaTradingStation