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Bitcoin's Short-Term Correction Doesn't Cancel Bullish Outlook

Bitcoin's Short-Term Correction Doesn't Cancel Bullish Outlook

HappyCoinNewsHappyCoinNews2024/11/25 11:22
By:HappyCoinNews

Bitcoin price correction on multiple timeframes shows short-term bearish pressure while maintaining a bullish outlook in the long term.

BTC/USD Hourly Chart Bitstamp November 24 2024 city

The hourly chart shows a short-term bearish trend, with the price fluctuating between $95,900 and $97,118. Increasing selling volume and consecutive red candles indicate a dominant bearish sentiment. The small green candle hinted at a reversal, but the lack of continuation confirmed the downward momentum.

Key support was at $96,200; a break below this level could trigger further selling towards $95. Traders should wait for a break above $000, supported by strong volume, before considering entering long positions.

4-hour chart of BTC/USD on Bitstamp November 24 2024 city

On the 4-hour chart Bitcoin is in a clear downtrend, characterized by lower highs and lower lows. The price has pulled back from a local peak at $99,800, and support at $96,200 remains key.

Selling volume exceeded buying volume, strengthening the bearish momentum. Bitcoin maintains this support, a short-term bounce is likely, but failure to hold this level could push the price down to $95,000 and below. Resistance at $98,000–$99,800 must be broken for the medium-term trend to change to bullish.

BTC/USD daily chart on Bitstamp November 24 2024 city

The daily chart reflects a broader bullish trend, with a doji candle near the recent peak highlighting market indecision leading to a pullback. Support at $96,000 could be an attractive entry point for long positions, provided volume confirms renewed buying. If this level is not reached, Bitcoin may roll back to the $90,000 level.

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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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