Crypto analysis: BTC 4 hour chart analysis

 Crypto technical analysis (BTC):

Bitcoin Price Sees Pullback, Faces Key Support Levels

BTC 4 hour chart analysis

Bitcoin's price experienced a decline after hitting a resistance level of $65,379 on Sunday. Following this, the price dropped by 2.2% on Monday. As of Tuesday, Bitcoin continues to pull back, showing a slight decrease of 0.6%, bringing the price down to $62,416.

If Bitcoin continues this downward trend, it may find support at the 200-day Exponential Moving Average (EMA), which is currently at $62,267. This level could provide some stability and potentially stop further declines.

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On the other hand, if Bitcoin bounces back from the $62,042 level, it could rise again to the $65,379 mark. If this happens, there’s a possibility of a 7% rally, which could take the price up to its July 29 high of $70,079. This potential recovery is supported by indicators like the Relative Strength Index (RSI) and Awesome Oscillator (AO), which are both above their average levels. These indicators suggest that investors are uncertain, but there is still some momentum for a possible upward move.

However, there’s also a risk of further decline. If Bitcoin's price drops below the August 21 low of $58,783, it could fall by another 5%, reaching a support level of $56,022. This would indicate a lower low on the daily chart, which would weaken the bullish outlook for Bitcoin.

Bitcoin is at a critical point where it could either bounce back or continue to decline. Investors are watching closely as the next few days will be crucial in determining the direction of Bitcoin's price.