With defined boundaries in place, traders should watch for a breakout or breakdown from this 1 hour range for potential trading opportunities in the near term. But confirmation on longer timeframes would also be prudent given the short-term nature of this view.
For a more in-depth technical analysis across different timeframes, please click the link to view the identified levels of support and resistance, trends, and reversal patterns on the weekly, daily, and 4-hour charts.
1 Hour Timeframe
On the 1 hour chart, we can see that Bitcoin is currently trading between support at $43490.01 and resistance at $44228. This reflects a relatively narrow trading range over the past few hours.
Looking more closely, the price found support at the $43490 level previously and rebounded higher before meeting selling pressure at resistance around $44228. This suggests these levels are acting as floors and ceilings in the near term.
If we examine the shorter-term momentum indicators like the Relative Strength Index (RSI), we can see it has been hovering around the neutral 50 level after dipping into oversold territory briefly. This indicates market participation is relatively balanced at the moment.
Given the tight range and slowing momentum, consolidation appears to be the most likely scenario in the coming hours. Some sideways trading between these support and resistance levels could occur as buyers and sellers battle for control.
A break below $43490 support would imply a resumption of the recent down trend is possible on this timeframe. Meanwhile, a decisive move above $44228 resistance is needed to signal a potential trend change and open the path higher from a technical perspective.
Support and Resistance Levels
Support | 43490.01 |
Resistance | 44228.00 |