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Daily Analysis By FXGlory
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[QUOTE="FXGlory Ltd, post: 344441, member: 106971"] [URL='https://fxglory.com/2024/04/15/btcusd-analysis-for-15-04-2024/'][B]BTCUSD analysis for 15.04.2024[/B][/URL] [ATTACH type="full" alt="BTCUSDH4.jpg"]60686[/ATTACH] [B]Time Zone: GMT +2 Time Frame: 4 Hours (H4) [B]Fundamental Analysis:[/B][/B] The BTCUSD pair is currently showing a significant bearish trend in the four-hour (H4) timeframe as of April 15, 2024. Fundamental factors such as regulatory news, technological updates within the blockchain ecosystem, and macroeconomic influences, including Federal Reserve policy shifts and inflation data, are important considerations that affect Bitcoin's price. Additionally, broader economic sentiment plays a crucial role, with Bitcoin often seen as a hedge against inflation or a risky asset during economic turbulence. The market's downward trajectory is highlighted by the breach of previous support levels and the creation of new lows, with strong selling pressure evident from consecutive bearish candle formations. Technical indicators support the negative outlook; the MACD is significantly below the signal line, suggesting continued bearish momentum, and the histogram bars are growing, reinforcing this trend. The RSI is deep into oversold territory, which might either indicate an upcoming price correction or at least a temporary pause in the downtrend. The price is also trading below the lower Bollinger Band, pointing to a potential extension of the bearish trend but also hinting at a possible mean reversion since the price has strayed far from the moving average. Key levels to watch include $65,264.84 as current support and $69,379.94 as potential resistance if a reversal or pullback occurs. Given the market's state, traders should remain cautious, stay informed about relevant fundamental factors, and maintain rigorous risk management. [B]Disclaimer[/B]: The provided analysis is for informational purposes only and does not constitute investment advice. Traders should conduct their own research and analysis before making any trading decisions. [B]FxGlory 15.04.2024 [ATTACH type="full" width="959px" alt="image_2024-02-15_07_27_41.gif"]60687[/ATTACH][/B] [/QUOTE]
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