The price of BTC recently broke down through the horizontal support and failed the initial retest. After triggering stop-loss orders below this level, BTC has now reclaimed the horizontal support. With increasing momentum, we can anticipate an upward move as long as it continues to trade above the horizontal support.
Why Traders Should Pay Attention:
Monitoring support and resistance levels is crucial as they often act as significant pivot points in the market. BTC reclaiming the support level suggests a potential shift in market sentiment, indicating a possible bullish trend.
Team Recommendation:
Based on the current analysis, we recommend considering long positions as long as BTC remains above the horizontal support. Set stop-loss orders just below this support level to mitigate potential risks. If momentum continues to increase, this could be a favorable entry point for traders looking to capitalize on a potential upward move. Keep a close eye on trading volume and market sentiment to confirm the strength of the upward move. Stay updated with broader market trends and news that could impact BTC’s price action.
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🔍Crypto Scouts team