Bitcoin Bearish Divergence Analysis

BTC/USDT 4H Chart Analysis: Bearish Divergence Indicates Possible Retracement


Bitcoin is currently trading at $30500 against the USDT. A 4-hour chart analysis indicates the possibility of a retracement due to the bearish divergence and RSI bearishness. This article will provide a detailed analysis of the 4-hour chart and highlight the support and resistance levels to watch out for.

4H Chart Analysis:
The 4-hour chart of BTC/USDT shows bearish divergence, indicating a potential retracement. The last 4-hour candle has also closed, indicating a possible continuation of the retracement. The Relative Strength Index (RSI) is also bearish, adding to the probability of a downtrend.

Support and Resistance Levels:
Based on the 4-hour chart analysis, the support levels to watch out for are $29929 and $29071. On the other hand, the resistance level is at $30650. These levels should be monitored closely as they will determine the direction of the market.

Takeaways:

The 4-hour chart analysis of BTC/USDT shows bearish divergence.
The RSI is bearish, supporting the possibility of a downtrend.
The support levels to watch out for are $29929 and HKEX:29071, while the resistance level is at $30650.
Conclusion:
In conclusion, the 4-hour chart analysis of BTC/USDT indicates the possibility of a retracement due to the bearish divergence and RSI bearishness. Traders should closely monitor the support and resistance levels provided and exercise caution when trading. As always, it's essential to have a stop loss in place to mitigate potential losses.

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