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Daily Analysis By FXGlory
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[QUOTE="FXGlory Ltd, post: 346667, member: 106971"] [URL='https://fxglory.com/2024/04/29/btcusd-analysis-for-29-04-2024/'][B]BTCUSD analysis for 29.04.2024[/B][/URL][B] [ATTACH type="full"]60820[/ATTACH] Time Zone: GMT +2 Time Frame: 4 Hours (H4) Fundamental Analysis:[/B] The BTC/USD pair is currently displaying bearish momentum on the H4 chart, as indicated by the latest price actions and technical indicators. The market is in a consolidation phase, with recent price movements showing a bearish breakdown below previous higher levels, hinting at a potential continuation of the downward trend. The technical analysis highlights that the price is nearing the lower Bollinger Band, suggesting a potential oversold state that might lead to a price correction. However, the MACD and RSI indicators support the bearish outlook, with the MACD line below the signal line and the RSI not yet in oversold territory, indicating that there may still be room for further downward movement. Investors should note the $63,000 support level, as a break below this could pave the way for further declines, while immediate resistance lies around $65,500, followed by a stronger barrier at $66,500. With increasing volatility indicated by the rising standard deviation, market conditions are less stable, potentially leading to significant price fluctuations. Traders are advised to monitor key fundamental factors, such as regulatory news and economic indicators, that could impact investor sentiment and Bitcoin's valuation. Given the current market dynamics and potential for sudden shifts, employing robust risk management and seeking additional confirmatory signals before engaging in trades is crucial. [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 29.04.2024 [ATTACH type="full" width="959px"]60821[/ATTACH][/B] [/QUOTE]
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