Certainly! This analysis suggests that Bitcoin (BTC) is currently in a consolidating phase between 85K and 90K, with a recent attempt to break above this range that didn’t reach a new All-Time High (ATH). Key takeaways for potential trade setups are:
1. Bullish Setup: BTC broke a downward channel to the upside on the 1-hour chart, which is often a bullish indicator. However, for a strong bullish confirmation, we would ideally see a 1-hour candle closing above 87,800, signaling a potential long entry with a target near the ATH of 90K.
2. Bearish Setup: Since there’s currently more selling volume and the EMA is positioned above the price candles, a long entry lacks full confirmation. If BTC fails to close above the EMA, a short entry could be considered with a target down toward the lower Fair Value Gap (FVG) area between 82,663 and 83,900.
This balanced approach keeps options open for either a long or short position, depending on BTC’s movement relative to the EMA and key levels. Always remember to use stop-losses and manage risk, especially with volatile assets like BTC.
