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Bitcoin emerges as a pillar of strength against a backdrop of uncertainty and speculative myths
In the ever-evolving world of cryptocurrency, Bitcoin emerges as a pillar of strength against a backdrop of uncertainty and speculative myths. A closer inspection of Bitcoin's transaction history unveils a remarkable consistency in its value, maintaining a stronghold above the $70,000 mark. This resilience effectively wards off those betting on its decline. As we edge closer to the spring months, a sense of apprehension fills the air. The dominance of centralized exchanges turns the analysis of K-line charts into a bewildering exercise for newcomers, whose dreams of wealth and autonomy seem increasingly elusive. The dynamics at play are complex: when short-selling pressure surpasses bullish bets, exchanges step in to prop up the market by purchasing assets, thus counteracting bearish movements. On the flip side, when optimism reigns and long positions dominate, exchanges might manipulate the market to ensure they can satisfy both bullish and bearish traders. This cycle of manipulation, recurring across different time scales, mirrors a casino game rigged in favor of the house—the odds are stacked against the average investor. It's important to note that while this commentary combines publicly available data with personal observations, it does not constitute financial advice. Investors are advised to approach the market with a healthy dose of skepticism and a clear understanding of their own risk tolerance. In a landscape rife with potential pitfalls, caution is paramount.
Following a correction, Bitcoin has found support at the daily level, establishing primary support zones. After a period of struggle, we anticipate a move towards the resistance at 69,900. If this resistance is breached, the next target would be 75,400. Maintaining support is crucial.
Upon reviewing the daily charts for Bitcoin, it is evident that BTC is currently testing the weekly resistance level. As we approach the close of today's trading session, a pivotal moment is upon us. Should the daily candlestick close above this key resistance, it is likely to signal a strong bullish momentum.
Following a potential pullback, we anticipate Bitcoin to stabilize within the $64,000 to $65,000 range before resuming its upward trajectory. The next significant target for Bitcoin would be the $84,000 mark, which represents an all-time high.
Key Levels: Current Support: $65,100 Current Resistance: $68,000
The analysis suggests that Bitcoin has met its weekly resistance and shown minor rejection. A decisive breakdown will be confirmed if the weekly candle fails to close above this resistance within the next 3 days. This would indicate the continuation of the bullish trend. In the 4-hour timeframe, we anticipate a potential retracement to the 4-hour support level, from which an upward movement could ensue again.
Key Support Level: 58,500 Key Resistance Level: 66,600
$BTC #BTC 4-Hour Analysis: Our recent analysis indicates that Bitcoin has shown significant movement. Initially, it encountered notable resistance at the $65,100 level, causing a price retreat. Subsequently, it corrected downward to the daily support range between $61,600 and $60,000. We are now anticipating the next phase, which involves establishing solid support levels and a potential rally towards the $63,000 and then $65,000 resistance levels. Following this, we expect other cryptocurrencies such as $ETH , $SOL & BNB to also see relatively good growth.
$BTC #BTC.USDT Recent analysis reveals that Bitcoin has consistently held above the key weekly support level of 56,500 and advanced towards the daily resistance of 61,800. Successfully surpassing 61,800, Bitcoin's price briefly touched above 65,100, a significant weekly resistance point.
The price is expected to decrease from this point, turning this range into a key trading area. Continuing this trend, if Bitcoin sustains above the 61,800 mark, it may aim for 65,000. Nevertheless, it is not expected to overcome this resistance at the moment.
$BTC A daily 100ema retest occurred yesterday, which may have been the catalyst for a bounce. Do not rush things because, on shorter timescales, it appears that another leg down is coming.
$BTC After being in the greed zone since January, Bitcoin has finally broken out. Such a situation has previously occurred following a halving, just before the actual bullish momentum begins to build.
$SHIB #SPOT Shiba Inu is facing challenges in holding its weekly support level. Should it manage to maintain this support, the emerging ascending triangle pattern could catalyze a significant bullish surge. The trajectory of altcoins now hinges on Bitcoin's upcoming actions.
$BTC #BTC.USDT Bitcoin is facing significant challenges in overcoming the newly established daily support level to reach back to the weekly support at 60,500, as noted in our recent analyses. After a decline to 61,000, Bitcoin formed a support level and attempted a rebound to breach the daily resistance at 66,300. However, it appears more likely that the price will continue to fluctuate within this range to complete the process of weekly correction rather than breaking any major levels.
$FLOKI The main pattern is a bull flag characterised by the perfect ABC corrective structure. Additionally, a smaller bull flag has formed below the main trend line on a lower time frame. Anticipate a new bullish rally upon breaking out of the trend line towards a new all-time high (ATH) in the near future.
If Bitcoin can maintain its price above $65,400, which has been its daily support, it will likely face resistance when global markets open tomorrow. While a temporary drop to the $61,000-$61,500 range may occur, a rapid rebound is probable, potentially aiding exchanges by preventing significant trader liquidation. Recent analyses indicate that Bitcoin has finished its weekly correction after facing challenges within this range. If it continues to hold the weekly support after this correction, it is ready to start a new upward trend towards 67,000.
Current support: $62,500 Current resistance: $65,400
The monthly level of support for Ethereum is much stronger than the weekly level of support for Bitcoin at the moment. You should not expect this level of support for purchases that aim for targets above $4,000. The current weekly resistance stands at $3,492. If this can be breached with a convincing weekly close, the set target could be within reach.
$ICX #ICX.USDT This altcoin experienced a significant correction after hitting the final target of the previous signal. It is currently positioned at a robust support zone, which is ideal for entering. The risk-reward ratio for buying appears very favorable, with a potential rise to 0.53.
As anticipated, Bitcoin's price has returned to its weekly support level. These supports, often referred to as Marxian, are noted for their accuracy and the consistent reactions they prompt.
If Bitcoin breaks through the daily resistance at 66,500, it could aim for a target of $77,500. However, it is expected to continue experiencing fluctuating conditions.
As anticipated, Bitcoin has undergone a 4-hour correction, successfully breaking through the resistance at $70,400 while maintaining support between $69,000 and $69,500. It is currently aiming for a target of $72,300.
$BTC Bitcoin Analysis: Over the 4 hours chart, Bitcoin faced rejection at the daily resistance level around $68,000 and appears poised for an upward journey towards the $75,000-$76,000 range. However, achieving this goal may result in the formation of a second gap or void in the CME chart. If Bitcoin manages to sustain the $68,000 mark during this 4-hour window, the objectives of $75,000-$76,000 become more attainable.
Present Support Level: $65,000 Present Resistance Level: $68,200
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