#Bitcoin Trading Setup:
The current price action in Bitcoin is forming higher highs and higher lows, but remains within a resistance area, with key resistance at $59,900. A break above this level could trigger a mini short squeeze, but the uptrend is slowing. A drop below $59,035 might lead to a stronger sell-off, with support at $58,750, $58,490, and $58,183. Wave analysis suggests wave B may have topped, needing confirmation with a break below $59,035. Bitcoin dominance remains in an uptrend, but has hit a key pivot at the 61.8% retracement level of 58.1%, with a triangle pattern hinting at a possible top. Despite this, thereâs no altcoin season currently, so itâs wise to be cautious with altcoins until a clear topping signal is seen.
â Trade Setup:
âĄïž BP (Buy Point): $59,200
âĄïž TP (Take Profit): $59,900
âĄïž SL (Stop Loss): $58,750