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MihaiDaniel
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Potential bullish
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pattern for
Bitcoin
on 12 hours time frame, a close today above 65.200$ could be a bullish sign of reversal
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BTC
70,672.01
-1.72%
707
0
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MihaiDaniel
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#bitcoin remains bullish as long as it is above $70,000, after a strong rise it is normal for the market to have a setback, rest period, even a long squeeze, 4h bull flag is valid, $76,000 is still achievable
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Is all time high for bitcoin still in play this week? Yes it is ! Is 100.000$ a target for 2024? I would say let’s wait and see if bitcoin can break 80.000$ first !
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What are pullbacks in an uptrend? Simply put, why does the market have corrections while it is on the rise? Imagine a mountain you are climbing. You will not always climb in a straight line. You will have moments where you will stop to rest or even descend a bit before resuming your ascent. In the investing world, these small dips in an overall uptrend are called pullbacks. What is a pullback? A pullback is a temporary drop in the price of an asset (such as a stock, cryptocurrency, or stock index) in a general uptrend. It is like a pause or a small correction before the price resumes its ascent. Why do pullbacks occur? •Profit taking: When the price of an asset rises a lot, some investors decide to sell to secure their profit. This may lead to a temporary drop in price. •Market Sentiment: Negative news, economic uncertainty or other factors can affect investor sentiment and cause them to sell, causing a pullback. •Technical fixes: Sometimes the price of an asset rises too quickly and "overheats". A pullback can be a way for the market to cool off. Why are pullbacks important? •Buying opportunities: Pullbacks can provide opportunities for investors to buy an asset at a lower price than before the dip, with the hope that the price will continue to rise. •Trend Validation: A pullback that is followed by a resumption of the uptrend can confirm that the trend is still intact. •Identifying Support Levels: By observing the levels at which price stops during a pullback, investors can identify potential support levels for the future. How to spot a pullback? •Graphical analysis: Look at the price chart of an asset. A pullback will look like a small dip in a general uptrend. •Technical indicators: There are a lot of technical indicators that can be used to identify potential pullbacks, such as trend lines, moving averages or oscillators. Important: Identifying and exploiting pullbacks requires knowledge and experience in technical analysis. There is no guarantee that a pullback will be followed by a resumption of the uptrend.
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From $65,000, bitcoin pumped like crazy for 6 days, the most intense in the last 36 hours, tomorrow the madness of #Binanceblockchainweek begins, where the entire crypto planet gathers from small to large. ATH possible tonight 🥂
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At this moment #bitcoin sucks a lot of liquidity, some sell to collect the profits, others buy as much as they can, for Altcoins a little patience please, their time is coming too 💥
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