Bitcoin (BTC) recently bounced off an ascending trendline and is now moving towards horizontal resistance levels and trendline resistances. These price movements are critical to determining BTC's next direction.
Key Insights:
Support at the Ascending Trend Line: BTC found support at the ascending trend line, indicating buying activity at this level.
Resistance Levels: Price is now approaching a set of resistance levels, including horizontal resistance and a downward trend line.
Breakout Potential: A successful break above these resistance levels, followed by a retest, will provide strong bullish confirmation and could lead to significant upward momentum.
Refusal Scenario: Conversely, failure at these resistance levels could indicate continued consolidation or a potential retest of lower support levels.
Buying Tips:
Look for Breakout Confirmation: Consider going long if BTC breaks through horizontal and trendline resistance levels and successfully retests them. Confirmation of this breakout increases the likelihood of continued upward movement.
Set Stop Loss Orders: To manage risk, place stop loss orders below the rising trend line. This will help protect your investment in case of a false breakout.
Enter Gradually: Instead of entering a full position at once, consider entering gradually by buying in small increments. This approach helps manage risks and take advantage of further reductions.
Set Profit Targets: Set realistic profit targets by identifying resistance levels above the current price. Key levels to watch are $60K and $65K, where previous price movements have shown resistance.
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