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Bitcoin Teetering on a Precipice: Is a 2024 Crash Unfurling?

Bitcoin CRASH 2024 ONLY just STARTING!
Bitcoin CRASH 2024 ONLY just STARTING!

Bitcoin, the king of cryptocurrencies, has investors on edge as it exhibits telltale signs of weakness on lower timeframes. Is this just a blip on the radar, or the prelude to a deeper crash in 2024?

Technical Analysis Paints a Murky Picture:

• Lower highs on the 1-hour chart hint at gradual bearish momentum. • The battle between the 50 EMA and 50 SMA in the $42,700-$32,800 range creates uncertainty. • Stochastic RSIs on the 1-hour and 1-day timeframes flash bearish signals, while the 1-week shows some potential for a bounce.

Testing Support, Facing Resistance:

• The 50 EMA currently acts as potential support, with the 200 hourly EMA providing the next resistance level. • A break below $42,500 could trigger further sell-offs, while dropping below $41,821 might signal a more substantial trend shift aiming for $4,261-$4,101.

Hope Amidst the Gloom:

• A relief rally is expected after a potential downside move, presenting lucrative entry points for long positions. • Sideways movement on the 1-hour chart suggests a breakout or breakdown is imminent, offering trading opportunities. • Smart money concepts point towards a move towards equilibrium, hinting at potential price stabilization.

Larger Timeframes Signal Deeper Correction:

• The 4-hour time frame shows upside potential in the stochastic RSI, but declining volumes raise concerns. • The daily chart also battles around the 50 EMAs and SMAs, with a potential relief rally anticipated after testing $40,000. • Weekly and monthly charts suggest larger downward movements, eyeing the $30,000-$33,000 range.

Beyond Bitcoin: Bullish Bets on Cardano’s ADA:

While Bitcoin faces short-term hurdles, check out this video https://youtu.be/tLqR4_7or1Q delving into Cardano’s ADA and its massive growth potential. Don’t miss out on this crucial discussion!

Remember, this analysis is based on technical indicators and should not be considered financial advice. Always conduct your own research before making any investment decisions.

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