This article has been translated from English to Gen Z Slang.
Did ya totally space on the double top drama on bitcoin? 😅
The price is now circling back to test that ex-support zone, which might low-key act as resistance from now on. 🤞
Peep these key moves on the 4-hour vibe check:
Bitcoin (BTC/USD): 4-hour
Bitcoin (BTC/USD) 4-hour Chart by TradingView
BTC/USD recently dipped below support between $112,500-$115,000, which might be hinting at a plot twist from how things were groovin' earlier this year. 😬
The price is vibing around the $107,000 area, and it looks like we might be in for a lil’ throwback to that crucial zone.
Can it keep up as a resistant mood changer from here? 🤔
Bitcoin is on the approach to R1 ($112,146), chilling just below the 38.2% Fib retracement. Still, it might vibe out for a bigger bounce back to 50% Fib near R2 ($116,084) for a lil’ bearish energy boost. 🔋Just a lil’ reminder that market vibes and price jigs are often pulled by the fundamentals. Still haven’t done your homework on Bitcoin and the U.S. dollar? Better peep the economic calendar and don't sleep on daily fundamental news! 📚
Note the 100 SMA bro-ing out below the 200 SMA, throwing shade that the least sus path is down, or this selloff might have more clout than reversing. If that’s the tea, watch out for a drop continuation to the swing low or pivot level ($109,768) and maybe S1 ($105,890) if the bearish squad lit. 🔥
But if it keeps climbing past those Fibs and R3 ($118,402), it could unlock another test run for that legendary high near R5 ($123,160). 🚀
No matter the vibe you end up riding, remember to flex some solid risk management and keep an eye on top-tier catalysts causing ripples in market vibes! 🌊
Disclaimer:
Just so you know, all this technical analysis: strictly for info and laughs, fam. Don’t take it as trading gospel or a specific trend gospel. Trading guidance requires mad skills beyond just these vibes. The stuff we talk about are just hot spots other traders might peep. Every trade, risk move, and result is on you, fam. Trade wisely! 😉
This content is strictly for informational purposes only and does not constitute as investment advice. Trading any financial market involves risk. Please read our Risk Disclosure to make sure you understand the risks involved.