Analysis of Possible Operation for BTC/USDT.
Operation:
The proposed strategy is to wait for the BTC/USDT price to reach
the previously identified buy or sell zones. Once the price
reaches these zones, a new analysis is performed to determine
whether to enter a long or short position.
Selling zones:
Institutional selling zone: This zone is located in the range of 68349 - 70241 It is a key resistance zone, where large investors (institutions) are expected to be able to sell their positions.
Next retail selling zone: This zone is located in the range of 67000 - 65202.15.
It is an area where retail traders may be willing to
sell, as it represents a psychological resistance level.
Buy Zones:
Retail Buy Zone: This zone is located in the range of 55633 - 57504. It is a key support zone, where retail traders are expected to buy.
Probable Institutional Buy Zone: This zone is located in the range of 48900 - 53934.
It is a zone where large investors (institutions) might be willing to buy, as it represents a psychological support level.
Conclusion:
The chart shows that Bitcoin has been in an uptrend in the past few weeks. However, the institutional selling zone in the range of 668349 - 70241 is a key resistance level that could stop the price. If the price breaks above this zone, the uptrend is likely to continue.
I hope this analysis is useful to you!
#Bitcoin⏠#Trading #AnĂĄlisisTĂ©cnico #Binanceâ #CryptoWatchMay2024 $BTC
