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Bitcoin Aims for 6-Digit Range Despite Resistance

Bitcoin Aims for 6-Digit Range Despite Resistance

HappyCoinNewsHappyCoinNews2024/12/01 03:11
By:HappyCoinNews

On the evening of November 29, the price of Bitcoin (BTC) headed towards the $98,000 level, and now technical indicators point to a strong upward momentum of the main cryptocurrency on several timeframes.

The hourly chart of Bitcoin shows a strong uptrend characterized by higher highs and higher lows. The recent consolidation around $94,000-$96,000 ended with a breakout to the upside, fueling a rally above $98,000. Buying pressure, as evidenced by the jump in volume on this green candle, suggests that bullish interest is continuing.

Short-term resistance lies at $99,000, a psychologically important threshold before the key $100,000 level. Traders looking for entry can target pullbacks into the $96,500–$97,000 zone, with an exit strategy at $99,000–$100,000.

BTC/USD – Hourly Chart

The 4-hour chart of BTC paints a picture of resilience after the corrective phase. The double bottom structure around $90,742 triggered a strong bullish reversal, with prices now retesting previous highs. Buying volume is steadily increasing, indicating accumulation by market participants.

Key levels to watch include resistance at $98,966 and support at $95,000. Active traders may benefit from pullbacks to $96,000–$96, while more conservative traders may want to wait for a break above $500. An exit around $98,966 or higher is recommended.

BTC/USD – 4-hour chart

Bitcoin’s daily chart shows a steady uptrend from $66,798 to a recent high of $98,800. While the rally has slowed, as evidenced by decreasing volume, the upward trajectory remains intact. Resistance between $99,800 and $100,000 acts as a psychological barrier, while support is concentrated at $92,000–$94,000.

Longer-term traders may consider buying dips towards support zones with the aim of holding on to a breakout above $100,000. Risk management should focus on potential corrections near resistance.

BTC/USD – Daily Chart

The Relative Strength Index (RSI) at 70 remains neutral, as do the Stochastic Oscillator (76) and the Commodity Channel Index (94). The momentum is bullish, as indicated by the Momentum Indicator (10) at 6252, which signals bullishness. The Moving Average Convergence Divergence (MACD) at 5507, on the other hand, points to a bearish signal.

All moving averages (MA) are signaling bullish sentiment. Exponential moving averages (EMA) and simple moving averages (SMA) on 10, 20, 30, 50, 100 and 200 periods are unanimously indicating a buy.

EN @happycoinnews
EN @happycoinnews_en
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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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