Bitcoin Price Action Forecast Today H4 Chart
BTC/USD, commonly known as “Bitcoin,” is one of the most influential cryptocurrency pairs traded in forex markets, often referred to as “Digital Gold.” Today, traders should closely monitor key economic data from the United States, including initial jobless claims, factory orders, and speeches from FOMC members Austan Goolsbee and Lorie Logan. Hawkish comments from these Federal Reserve representatives, signaling tighter monetary policies or fewer-than-expected jobless claims, would likely strengthen the USD, applying downward pressure on the BTC/USD pair. Conversely, weaker-than-forecasted economic indicators might prompt traders to seek refuge in Bitcoin, thus positively impacting BTC/USD prices.
Chart Notes:
• Chart time-zone is UTC (+03:00)
• Candles’ time-frame is 4h.
Technically analyzing the BTC/USD H4 chart, after a sharp bullish trend, the candles have transitioned into a range-bound market and, having reached the upper Bollinger Band (150), we could anticipate a retracement toward the midline of the band. Currently, the RSI (14) indicator is hovering around the 72.32 level, suggesting an overbought scenario that aligns with a possible short-term decline. Similarly, the Williams %R indicator is at -12.14, further supporting the likelihood of downward price movement. Although a breakout from the range market is unlikely at this point, if bullish momentum resumes, the BTC/USD pair could aim for Fibonacci extension levels at either 0.236 or 0.382.
•DISCLAIMER: Please note that the above analysis is not an investment suggestion by “Capitalcore LLC”. This post has been published only for educational purposes.
