BTC Dump, Pump, and Repeat: Channel Formation and Cyclical Movements

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Analysis :

Bitcoin (BTC) is moving within an **upward-sloping channel** defined by two pink trend lines, marking potential **resistance and support** levels. The chart shows a **cyclical pattern**, with **dumps (price decreases)** followed by **pumps (price increases)**, indicating repeating peaks and troughs.

Key Levels :

- Current price : **$62,919**

- Resistance : Up to **$76,000**

- Support : Around **$60,000**

Tips :

1. Set Stop-Losses : Given the cyclical nature, set **tight stop-losses** to minimize risk in case of a sudden dump.

2. Watch Volume : Monitor **trading volume** for confirmation before entering trades during a pump or dump.

3. Use Scaling : Consider **scaling in and out** of positions to take advantage of both upward and downward movements.

Conclusion :

By recognizing BTC's **dump and pump cycles**, traders can capitalize on **key support and resistance levels**, but should remain cautious and adjust strategies to changing market conditions. Proper **risk management** is essential.