Bitcoin turned lower (again) from the $117,000 zone!
Will this lead to deeper pullbacks for the OG crypto?
We’re zooming in on BTC/USD’s 4-hour uptrend for clues!
Bitcoin (BTC/USD) 4-hour Chart by TradingView
Bitcoin’s had a solid September, climbing off the $107,000 lows and making its way back toward the $117,000 neighborhood.
But the $117,000 ceiling is proving sticky, and with traders already factoring in Fed rate cut hopes, the OG crypto looks exposed to deeper technical pullbacks.
Remember that directional biases and volatility conditions in market price are typically driven by fundamentals. If you haven’t yet done your homework on Bitcoin and the U.S. dollar, then it’s time to check out the economic calendar and stay updated on daily fundamental news!
We think the $113,000 to $114,000 zone could attract buyers since it lines up with the 200 SMA and key Fibonacci levels on the 4-hour chart. More importantly, the area is sitting near the bottom of an ascending channel pattern that’s been propping up BTC/USD’s September uptrend.
Bullish candlesticks in the area could open the door for a run back to the $117,000 September highs, or even higher inflection points closer to $120,000.
On the flip side, if bitcoin slips under the $113,000 psychological area, a drop to the $110,000 zone from earlier this month may come into play.
What do you think? How deep will BTC/USD recent retracement go before it sees sustained bullish pressure?
Whichever bias you end up trading, don’t forget to practice proper risk management and stay aware of top-tier catalysts that could influence overall market sentiment!
Disclaimer:
Please be aware that the technical analysis content provided herein is for informational and educational purposes only. It should not be construed as trading advice or a suggestion of any specific directional bias. Technical analysis is just one aspect of a comprehensive trading strategy. The technical setups discussed are intended to highlight potential areas of interest that other traders may be observing. Ultimately, all trading decisions, risk management strategies, and their resulting outcomes are the sole responsibility of each individual trader. Please trade responsibly.
