Bitcoin (BTC) has been making rising bottoms, which indicates that the market may be experiencing a trend shift. If Bitcoin (BTC) can break through the previous high, then this is likely to mean that a major change is happening in the market.
Yesterday we mentioned that the pullback in Bitcoin (BTC) provided an important entry opportunity for bulls, and many investors successfully entered the market near $56,000.
From a technical analysis perspective, the bottom-up pattern has been clearly shown on the four-hour chart.
Previously we pointed out that around $52,000 is an excellent long point, and it is possible to get more than 10% returns.
If you have a long order in this price range, then you should be able to achieve these expected returns. At present, the continued rise of the bottom indicates that the market is changing from a downtrend to an uptrend, which provides a good foundation for the bulls to accumulate power.
The outflow of funds from Bitcoin spot ETFs has not changed the overall inflow trend.
From the liquidation chart, Bitcoin bulls are still strong and dominant.
The upward trend of the bottom indicates that the market is likely to test the resistance level of $68,000.
In the process, there may be a pullback. If Bitcoin touches the Fibonacci golden line during the pullback, it will be an excellent opportunity to go long.
The profit margin at this time can reach 16%, and it is recommended to set the stop loss point at 5%.
The pullback long strategy we mentioned earlier has indeed been verified. Yesterday, Bitcoin broke through $58,000 and then fell back to $55,800 to $56,000, which provided investors with an opportunity to enter the market again. The price is still running in the rising channel.
The four-hour chart shows that only by breaking through $65,000 can Bitcoin completely break the downward trend and form a new upward trend. ➕👗➩BNB0098
As Bitcoin turns from a downward trend to an upward trend, mainstream coins and altcoins may also rise significantly. $BTC
Therefore, seizing the opportunity of these mainstream coins and altcoins may bring higher returns than Bitcoin. It is recommended to pay attention to the market and use leverage reasonably to reduce risks and maximize returns, so as to gain more benefits in the market.
