BTCUSD (4h Chart): Bullish momentum is evident as the short-term SMA has crossed above the long-term SMA, a classic golden cross, hinting at potential upward price action. The MACD further confirms this bullish sentiment, with the MACD line (112) crossing above its Signal line (11). The robust positive value of the histogram (101) suggests a strong buying pressure. The RSI, currently at 64.85, indicates increasing bullish momentum, while still being below the typical overbought threshold of 70. Its divergence from the RSI-based MA, which stands at 51.91, provides added confirmation of the upward trend. Overall, these indicators collectively signal a favorable environment for buyers, suggesting more upside potential in the short term. As always, traders should consider other factors and use risk management techniques when making trading decisions.
• There is a resistance level at 27485; followed by resistance at 27295 and 27235.
• There is a support level at 26860. Below, there are 26735 and 26495.
Note: We do not suggest any investment advice, and these analyses are just to increase the traders’ awareness but not a certain instruction for trading.
September 29, 2023