Bitcoin Awaits Bullish Confirmation
We are waiting for confirmation based on the weekly timeframe. Let's define our levels.
Once Bitcoin closes weekly above 75,000, we are in the bullish zone and the bullish bias is confirmed. Once resistance levels all turn support. On a retrace, the following support levels will be the main levels to either maintain or negate a bullish bias:
1) 74,000 —March 2024 high.
2) 70,000 —Psychological level and 29-July High.
3) The 64,000 — 69,000 price range. 2021 All-Time High prices & MA200 daily.
This will be our main levels once a bullish confirmation is in.
➖ If Bitcoin ends up reversing and moves back below resistance like last week and the bull-trap is confirmed, we look for lower lows.
➖ If Bitcoin closes above resistance and former resistance turns support, we look for these levels as support to maintain a bullish bias.
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⚠️Things can change...
The markets are always changing and even with all these signals, the market changes tend to be strong and fast!!