š Bitcoin Analysis:š M Pattern and Supply Dynamics š
Technical Analysis:
TheĀ 4-hour chartĀ indicates anĀ M pattern, with a weak neckline aroundĀ $68.5k.
š„If BTC bounces from this level and closes aboveĀ $71,382, consider a long position with a stop loss atĀ $69,857.
The consecutiveĀ take profitĀ target could be aroundĀ $80,000.
Supply Dynamics:
š„BTC has repeatedly checked supply levels aroundĀ $59-60k. It currently awaits exhaustion of supply within theĀ $68k-70kĀ range.You can check the chart of mine that I have depicted with horizontal box with respect to volume.
šKeep aĀ contingency planĀ in mind, as markets can surprise us. Always leave a back door open.
Alternate Scenario:
šIf BTC drops to check liquidity atĀ $59-60k, consider taking an entry there with aĀ 5% stop loss.
Remember, the crypto market is dynamic, and unexpected events can occur. Stay informed and adapt your strategy accordingly! #BitcoinTrends" #Fingerscrossed $BTC