$BTC Here's a detailed and simple analysis based on your query about Bitcoin ($BTC):

Bitcoin Technical Analysis.

Current Overview:

Price Action: Bitcoin has shown a recent decline due to multiple technical factors.

Key Factors Influencing the Drop:

. CME Gap: A significant gap between $103,670 - $102,470 has been filled, which was expected by many traders.

. Bearish Divergence: Visible across various timeframes, signaling a potential weakening of upward momentum.

. Volume Profile: Low buying volume coupled with increased selling pressure, indicating a lack of bullish strength.

. Dominance: $BTC dominance pushing toward 59-60%, reducing altcoin market performance.

Potential Reversal Zone.

Bitcoin's price may find support at the bottom of the ascending channel.

This zone can act as a critical reversal point, where buyers may step in.

Trading Plan:

. Buy Zone:

Enter trades between $101,800 - $102,300 (near support levels).

Watch for confirmation signals like bullish candlesticks or increased buying volume.

. Target Levels:

Short-Term Target 1: $106,500

Short-Term Target 2: $108,000

Mid-Term Target: $112,000 (if upside momentum strengthens).

. Stop Loss:

Place a stop loss below $101,000 to manage risk effectively.

Key Tips:

. Caution with Leverage: Until Bitcoin shows clear direction, avoid aggressive leveraged positions.

. Watch Volume and RSI: Look for increasing buying volume and RSI crossing above 50 for confirmation of bullish momentum.

. Dominance Impact: Monitor $BTC dominance levels.

A rise beyond 60% might continue the bearish impact on altcoins but support Bitcoin's upward movement.

Disclaimer:

This is not financial advice.

Always conduct your own research and trade with a strategy that aligns with your risk tolerance.

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