Bitcoin (BTCUSD) 1-Hour Trade Analysis – Short-Term Weakness Ahead?
Current Price: $113,436
Timeframe: 1 Hour
Indicators Used:
- SMA (9 close)
- RSI (14 close)
- Candlestick Patterns
🔍 Market Overview:
Bitcoin is currently trading around $113,436, showing signs of short-term bearish pressure after a failed attempt to maintain bullish momentum above the 114,000 level. The recent hourly candles show a slow decline, with lower highs and lower lows forming after a brief recovery.
📈 Technical Indicators:
1. Simple Moving Average (SMA 9)
The price is now below the 9-period SMA, indicating bearish pressure in the short term. Earlier, BTC made attempts to break and stay above the SMA, but failed, suggesting weak bullish conviction.
2. RSI (Relative Strength Index – 14)
- Current RSI level is trending downwards, sitting just below 50.
- RSI has recently rejected the 60–70 range, showing loss of bullish momentum.
- There's no clear oversold signal yet (30 or below), which means more downside could be possible before bulls step in.
🕯️ Candlestick Pattern:
- Recent candles are forming lower highs and bearish closes, suggesting selling pressure.
- A strong bearish engulfing candle earlier shows resistance around 114,500.
🔧 Key Levels to Watch:
-
Resistance:
- $114,500 – strong supply zone
- $115,200 – previous rejection point
-
Support:
- $113,000 – psychological level
- $112,500 – potential next demand zone
🧠 Trade Idea:
Bias: Bearish (Short-Term)
- If price breaks below $113,000, we may see a slide toward $112,500 or lower.
- A move back above the SMA and hold above $114,500 would invalidate the bearish setup.
Trade Setup (Example):
- Sell Entry: $113,400
- SL (Stop Loss): $114,600
- TP (Take Profit): $112,500
✅ Conclusion:
Bitcoin is under short-term selling pressure on the hourly chart. The failure to stay above the 9-SMA and weakening RSI signal that bulls are losing control. While the overall market sentiment for BTC remains volatile, intraday traders can look for short opportunities until clear bullish confirmation re-emerges.
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