From TradingView · · 1m 20s
Bitcoin bounced at 75K, but signals still need time
Bitcoin hit the 75K target, then bounced fast, but key indicators suggest the market may stay choppy before a clearer move.
In brief
Bitcoin hit the 75K target, then bounced fast, but key indicators suggest the market may stay choppy before a clearer move. The 75K bounce showed buyers are still active, but RSI and MACD have not cooled enough to rule out another test of lower support. Originally reported by TradingView.
75K got tested
Bitcoin reached the 75K area the trader had flagged earlier. The fast recovery from that level is read as a sign that buyers have not disappeared.
“we could reach 75K and we did”
Local support broke
The lower local support line has been lost. That opens the door to a deeper move toward the main lower trend line, which the trader hopes will hold.
“we have lost the lower Local line of support”
RSI is cooling
On the 4 hour chart, RSI is below neutral but not oversold. Price may still range while the indicator works lower.
“RSI is NOT Oversold but certainly below Neutral”
MACD still points down
The 4 hour MACD is also below neutral, with a red histogram. The trader does not expect it to flip quickly.
“Histogram is still Red”
Daily signals lag
Daily RSI has only reached neutral, while daily MACD has not yet cooled enough. That makes an immediate bounce less certain.
“MACD ( yellow) has not reached Neutral just yet”
Fed risk keeps pressure
Ahead of the expected Fed rate rise, Bitcoin could stay in this low zone and remain volatile. The trader still sees the broader setup as healthy.
“Bitcoin is in a GOOD POSITION”
What to remember
The 75K bounce showed buyers are still active, but RSI and MACD have not cooled enough to rule out another test of lower support.
