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Bitcoin Approaches Key Resistance, Potential Spring Setup
The analysis suggests that Bitcoin is currently testing resistance for the third or fourth time on the 4-hour chart, potentially filling the last imbalance and approaching a gap in the CME around the 115-113 zone, which may trigger a spring manipulation. Divergences in volume and RSI at recent resistance also indicate that Bitcoin lacks the strength to hit new all-time highs at this moment. A breakout above the resistance could turn the range into a distribution phase, implying a possible larger correction in the months ahead. Conversely, a fall back to support and a quick re-entry into the range, especially if accompanied by a spring, would be more bullish and suggest a different scenario. The market is at a critical juncture with multiple possibilities—either a breakout or a bounce back—making the upcoming movements vital for Bitcoin's direction.
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AI Analysis
The current technical situation of Bitcoin indicates a strategic crossroads. The repeated tests of resistance on the 4-hour chart, coupled with the filling of the last imbalance, point to a market tha...
AI Recommendation
Given the current setup, traders should wait for a clear confirmation of breakout or rejection at the key resistance levels. A successful breakout with volume could be an entry point for long position...
Disclaimer
The AI analysis and recommendations provided are for informational purposes only. Any investment decisions should be made at your own risk. Past performance is not indicative of future results. Always conduct your own research and consider consulting with a financial advisor before making any investment decisions.