Following the sharp downfall in August, Bitcoin price is back at the $25K level, leading to a couple of range breakouts. Moreover, last month was extremely silent as the trading volumes fell to the lowest in the last four years.
With a death cross impending in the daily chart, BTC price action displays a relief rally attempt by bulls. However, the multiple bearish milestones in the 4-hour chart will be pivotal for Bitcoin.
Is Bitcoin Bullish in 4-Hour?
Despite a range breakout with the high sentiments of Bitcoin ETF, BTC price failed to surpass the resistance trendline. This is partly due to the SEC delaying the ETF dates, leading to a hopium shortage.
At present, Bitcoin price displays a similar breakout rally with a new bullish attempt to challenge the resistance trendline. Powered by the RSI divergence, the ongoing bounce back starts to display higher price rejection as it retests the bullish breakout.
RSI indicator: The RSI line displays a bullish divergence rally playing out, increasing the chances of the trendline breakout.
EMAs: The 50 and 200-day EMA are on the verge of a death cross that might push the BTC price to even lower levels.
Will Bitcoin Price Reclaim $28K?
With the ongoing recovery rally in the 4-hour chart, Bitcoin price displays a short-term improvement, teasing a prolonged uptrend. However, the trendline breakout is necessary for Bitcoin to sustain the bullish momentum. A breakout rally will fuel the Bitcoin drive to the $28K before reaching the $30K mark. It will also delay the death cross possibility.
On the flip side, a reversal from the resistance trendline will plunge Bitcoin back to the $25K mark. Nevertheless, it brings an opportunity for long-term holders to accumulate at lower levels.
This article is added for educational purpose only. All credit goes to the respected author of this article. All In One Crypto App do not hold any liabilities of this article. You can get the source link at the end of the article content.
Don't forget to share your review/suggestions for the android app.
All In One Crypto App is an execution-only service provider. The material provided on this website is for information purposes only and should not be understood as investment advice. Any opinion that may be provided on this page does not constitute a recommendation by All In One Crypto App or its agents. We do not make any representations or warranty on the accuracy or completeness of the information that is provided on this page. If you rely on the information on this page then you do so entirely on your own risks