Bitcoin's Price Rebound: 7% Rally Possible in Next 8 Hours

Bitcoin (BTC) has recently shown signs of a potential short-term rally, following a period of price rejection at lower support levels. The cryptocurrency's price has been fluctuating, with a notable rejection at the $82,800 mark on the 15-minute chart, leading to a sharp decline. However, the price has since found support around $73,950, forming a double bottom pattern on both the 4-hour and 1-hour charts. This pattern, if confirmed, could signal a bullish reversal, with the price potentially reclaiming the $77,500–$78,000 zone.
A falling wedge pattern is also visible on the 1-hour and 15-minute charts, indicating a period of consolidation with buying pressure. The price is currently consolidating within this pattern, with the potential for a breakout toward the upper band at $78,800 in the short term. Additionally, a strong hammer candlestick formed near the $73,950 support level on the 15-minute chart, further supporting the possibility of a reversal.
Technical indicators also suggest a potential bullish momentum. The 4-hour Bollinger Bands show that the price has pierced and bounced off the lower band, a classic mean reversion setup. The middle band, which is estimated to be around the EMA 20 at $78,889, is likely the first target for the price. The MACD indicator on the 4-hour chart is deeply negative but shows bullish convergence forming. On the 1-hour chart, the MACD is near a bullish crossover, and on the 15-minute chart, it has already turned positive with a growing histogram, supporting the incoming bullish momentum.
The current price is under both the EMA 20 and EMA 50, which act as key resistance zones. The EMA 20 is estimated to be around $78,889, and the EMA 50 is around $83,820. These levels, along with the $80,500–$81,000 short-term
ceiling, will be crucial to watch for potential resistance.In the next 8 hours, Bitcoin could see a rally toward the $78,800–$80,500 range if the falling wedge pattern confirms and volume steps in. Key levels to watch include the $77,500 mark, where a close above this level would validate the upside. Additionally, the MACD cross on the 1-hour chart will be an important indicator to monitor for further bullish confirmation.
It is important to note that while these technical indicators suggest a potential short-term rally, the overall trend remains bearish in the medium term. Investors should exercise caution and conduct thorough research before making any investment decisions. The views expressed in this analysis are based on current market conditions and may be subject to change.

Comments
No comments yet