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How Can Bitcoin Make Moves Today?

  • The hourly price chart of Bitcoin is moving within a channel structure.
  • If BTC continues to make hourly closes above $25,850, it can continue its rise up to $26,350.
  • The RSI indicator is a tool used to track the upward or downward trend of BTC.

When examining the hourly price chart of Bitcoin, it can be seen that it is moving within a channel structure. If BTC makes closes above the support level mentioned in the analysis, it has the potential to continue its upward trend.

Can Bitcoin Experience a Rise Today?

Hourly BTC/USD Price Chart

Hourly BTC/USD Price Chart

When examining the hourly price chart of Bitcoin, it can be seen that the price is moving within a channel.

If BTC continues to make hourly candle closes above the lower red support level mentioned in the analysis, which is $25,850, it can continue its rise up to the next resistance level of the channel, which is $26,350.

For Bitcoin to continue its upward trend, it needs to make candle closes above the channel support.

Bitcoin price chart can be an important reference point for investors who follow the channel structure.

Do Indicators Support the Rise?

When examining the RSI indicator for Bitcoin on an hourly timeframe, it can be observed that RSI is moving from the level of 52.30.

If BTC stays above 50 on the RSI, it carries the possibility of a rise. However, if RSI moves below 50, it may indicate the beginning of a downward trend.

RSI and MACD Indicator

RSI and MACD Indicator

When examining the MACD indicator on an hourly timeframe, it can be seen that the blue line aims to start the rise by crossing the orange line from below.

The blue line crossing the orange line from below can increase the expectation of a rise for investors.

Tracking technical indicators such as RSI and MACD can be important for investors when analyzing Bitcoin’s price movements.

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Lucien Renard
Lucien Renardhttps://en.coinotag.com/
Lucien Renard is a 24-year-old writer specializing in cryptocurrency analysis and price action. With a focus on technical analysis, Lucien provides valuable insights into market trends and potential opportunities for investors.
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