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Focus on BTCUSD today – 4th April 2024 

um editor

UM Editor

April 4, 2024 at 1:15 pm

In this comprehensive analysis, Ultima Markets brings you an insightful breakdown of the BTCUSD for 4th April 2024. 

Key Takeaways 

  • ADP Report for March: The ADP Employment Report came in at 184,000 last month, significantly higher than the expected reading of 148,000. The report has cemented the bullish outlook towards Nonfarm Payrolls report this Friday.  
  • Powell’s dovish speech: Yesterday, Federal Reserve Chair Jerome Powell reiterates that recent job growth and high inflation will not change the overall outlook for interest rate cut.  

Technical Analysis 

Daily Chart Insights 

  • Stochastic oscillator: Following the formation of bearish signal at overbought threshold, both signal line fell below 50 mid-point, suggesting strong bearish momentum ahead for short-term.  
  • Support line below: After Bitcoin cloed below 33-MA line (red) and consolidated lower, this has open up further downside bias.  

4-hour Chart Analysis 

  • Stochastic Oscillator: The indicator issued a bullish signal in the oversold area, suggesting that the market price, after a rapid decline yesterday, faces possible reversion during the Asian session. 
  • Rebound target: Bitcoin’s price has currently formed a downward channel line, with the rebound biased towards 200-MA (dotted), which is also the upper threshold of the downward channel. 

Pivot Indicator 

  • According to the trading central in Ultima Markets APP, the central price of the day is established at 65010, 
  • Bullish Scenario: Bullish sentiment prevails above 65010, first target 67910, second target 68770; 
  • Bearish Outlook: In a bearish scenario below 65010, first target 63570, second target 62710. 

Conclusion 

To navigate the complex world of trading successfully, it’s imperative to stay informed and make data-driven decisions. Ultima Markets remains dedicated to providing you with valuable insights to empower your financial journey. 

For personalized guidance tailored to your specific financial situation, please do not hesitate to contact Ultima Markets. 

Join Ultima Markets today and access a comprehensive trading ecosystem equipped with the tools and knowledge needed to thrive in the financial markets. 

Stay tuned for more updates and analyses from our team of experts at Ultima Markets. 

—– 

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Comments, news, research, analysis, price, and all information contained in the article only serve as general information for readers and do not suggest any advice. Ultima Markets has taken reasonable measures to provide up-to-date information, but cannot guarantee accuracy, and may modify without notice. Ultima Markets will not be responsible for any loss incurred due to the application of the information provided.  

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