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Bitcoin (BTC) 4 HR chart update
On Wednesday, we saw a rally in BTC, from Tuesday’s low of $38,200, up to $41,700, which was really off the news coming out of the Federal Open Market Committee (FOMC) meeting. BTC also managed to break out of a descending resistance trend line that came from the beginning of the month.
We have started to see a small pullback in BTC, to reset the 4HR – 12HR Stoch RSIs (Stochastic Relative Strength Index), and also to possibly retest the breakout of the previous daily descending resistance line. Levels to watch for support are between $38,200 and $39,600, where we also find the major daily support line coming from February 24. If the $38,200 level does not hold, the next support level is around $36,700, and then $34,700.
Weekends are normally sideways action, but there is a good chance we do retest those support lines in the next couple of days, which will possibly set us up for some positive price action next week.