🟠 Bitcoin Performance Analysis and Update Based on the Attached Charts🔥🔥🔥
Key Points:
1. Strong Support at $60,000:
• The $60,000 level is considered strong support, and breaking this level may lead Bitcoin to $56,551 and $53,287, down to $50,737 as the final support.
2. Manipulations and Liquidation of Long Positions:
• Manipulations may lead to the liquidation of large long positions before the expected significant rise.
3. Scenarios for Falling Below $53,000:
• There is no clear reason for falling below $53,000 except in the case of a major catastrophe like an economic recession or war.
Liquidation and Heatmap Analysis:
• The heatmap chart on Coinglass shows a large concentration of trades at $70,559 and $66,308, which may form strong resistance levels.
Conclusion:
• Despite expectations for downward corrections, the general trend for Bitcoin remains bullish in the long term.
• Investors should be cautious about opening large long positions and should focus on the support areas around $60,000.
• Bitcoin may be considered a good hedge against potential economic recession.
Recommendations:
1. Buying During Corrections:
• Invest at strong support levels such as $60,000, $56,551, and $53,287.
• Avoid opening large long positions in an overbought area.
2. Monitoring Technical Indicators:
• Observe Stochastic RSI and Liquidation Heatmap indicators to determine the best entry and exit points.
3. Long-term Analysis:
• Consider major economic and political factors.
• Invest in Bitcoin as a hedge against potential economic crises.
Using this analysis, investors can make more informed decisions and achieve better results in the Bitcoin market.
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