Bitcoin Market Analysis 🔥
As of the latest trading patterns, Bitcoin has not experienced the anticipated upward price movement. This development suggests that the market is still in an early phase of its trend cycle. Here's what this implies for Bitcoin traders and investors:
1. **Market Consolidation**:
The price needs to stabilize at the current horizontal support level.
2. **Trend Interruption**:
The previous ascending trend has been disrupted.
3. **Potential Correction**:
There is a higher probability of a price correction occurring at this juncture rather than a continuation of the upward trend.
For the upward growth trajectory to resume, the following conditions should be met:
1. **Resistance Compression**:
The price action should exhibit a compression pattern near the horizontal resistance, characterized by consecutive candlesticks closing higher than their opens.
2. **Resistance Breakthrough**:
A decisive breakout above the $66,000 resistance level, followed by a subsequent upward retest, would indicate that the correction phase has concluded.
Positioning Strategy:
- **Entry Orders**:
Current orders are placed below the market price, with an average entry point around $60,000.
- **Profit Reinvestment**:
Profits from recent trades are being reinvested into positions below the $66,000 mark to capitalize on potential upward movements.
