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Daily Analysis By FXGlory
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[QUOTE="FXGlory Ltd, post: 344963, member: 106971"] [URL='https://fxglory.com/2024/04/18/gold-price-analysis-for-17-4-2024-cloned-23704/'][B]BTCUSD analysis for 18.04.2024[/B][/URL] [ATTACH type="full"]60719[/ATTACH] [B] Time Zone: GMT +2 Time Frame: 4 Hours (H4) Fundamental Analysis[/B]: The BTCUSD analysis for April 18, 2024, on the 4-hour chart shows a clear downtrend as evidenced by the price moving below the Ichimoku cloud and key moving averages, suggesting a bearish sentiment in the short to medium term. Despite a slight recovery in recent price actions, the overall market condition remains under bearish pressure. Fundamental factors such as global economic uncertainties, inflation rates, regulatory changes, and the growth in decentralized finance and institutional investments continue to play a significant role in influencing Bitcoin's valuation against the US Dollar. Key technical indicators like the Williams %R and RSI further support the bearish outlook. The Williams %R indicates oversold conditions, hinting at a potential short-term reversal, while the RSI remains below 50, suggesting continued bearish momentum. Resistance is set near the lower boundary of the Ichimoku cloud at approximately $62,388, with support around $59,025 and stronger support near $58,000. Given the prevailing market conditions and Bitcoin’s historical volatility, traders should remain vigilant, keeping an eye on macroeconomic indicators and regulatory news, while employing robust risk management strategies. [B]Disclaimer[/B]: The provided analysis is for informational purposes only and does not constitute investment advice. Traders should conduct their own research and analysis before making any trading decisions. [B]FxGlory 18.04.2024 [ATTACH type="full" width="959px"]60720[/ATTACH][/B] [/QUOTE]
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