Bitcoin Chart Analysis ๐
Examining the 4-hour time frame, Bitcoin has exhibited a surprising deviation from the 2024 open, introducing a shift in the prevailing dynamics. Anticipating a period of range-bound movement spanning the next 2-6 weeks before any decisive market shifts, Bitcoin has demonstrated resilience by securing liquidity within the 40-41k region, establishing a robust demand zone.
The consolidation phase is instrumental in solidifying this range as a formidable support level. Our ongoing Bitcoin Long, initiated on Jan 12th with an average entry of 43.1k, remains active as the stop-loss threshold has not been triggered. This positions us strategically for the anticipated future course of price action.
Outlined Future Course:
1. Addressing inefficiency around the 45k mark, particularly as lower time frames and indicators suggest a potential bounce. Long positions will be closed at this juncture.
2. Observing a distribution phase at the 45k zone, characterized by a gradual selling process.
3. Potential rejection from the 45k level, leading to a retracement towards the 40-41k zone. Subsequently, a breach of this level may occur, reaching lower, with a notable inefficiency around 37k. This phase could induce bearish sentiment, potentially accompanied by a temporary dip (32-34k) preceding the halving.
4. Culmination of this sequence leads to a resumption of the Bull Run.
Traders are advised to prudently manage their positions in alignment with these projected movements. The outlined scenario provides a comprehensive framework for navigating the intricacies of the evolving Bitcoin price action.
๐๐
#BitcoinAnalysis #CryptocurrencyTrading #TechnicalAnalysis #TrendingTopic #TradeNTell
