The price is again trying to break through horizontal resistance and trend line resistance. A successful breakout followed by a retest of horizontal resistance will confirm the bullish trend. On the contrary, a failure at this level will indicate a retest of trend line support.
Graph Analysis:
Horizontal and Resistance Trendline: Bitcoin is currently facing a significant resistance area that includes both horizontal resistance and a descending trendline.
Possible Scenarios:
Bullish Breakout: If BTC successfully breaks above horizontal resistance and then retests that level as support, it will confirm the bullish trend and could lead to higher price levels.
Bearish Rejection: If BTC fails to break through resistance and is rejected, it will likely test the rising trendline again, which could lead to further consolidation or a downward move.
Key Levels:
Horizontal Resistance: About $59,000
Trend Line Support: Current support level around $57,000
Recommendations:
For Bullish Traders: Look for a break above horizontal resistance with increasing volume as confirmation. Consider entering long positions with stop losses below horizontal resistance to manage risk.
For Bearish Traders: Watch for signs of failure at resistance levels. If BTC fails to break above these levels, this could be an opportunity for short positions with stop losses above recent highs.
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