With the Bitcoin Halving just 36 days away(CMC), the market has witnessed a noteworthy 55% price surge since my previous analysis(W6), defying earlier expectations. During Weeks 9 and 10, Bitcoin's price embarked on a robust uptrend, which was supported by volume.
Currently, Bitcoin is trading just shy of its previous all-time high (ATH), a level that might present formidable resistance. There's potential for selling pressure around these highs as early investors may seek to realize profits. However, recent candlestick formations have not demonstrated significant upper shadows, suggesting that the bullish momentum is holding strong with buyers maintaining market command.
The Relative Strength Index (RSI) has crested the 70 mark, signaling that Bitcoin is in overbought territory. Such readings often lead to price corrections or at least a period of consolidation.
If you are trade this volatility, a good entry point would be an approach would involve waiting for a dip or a spike , offering a better risk-reward ratio. Stop-loss is a must at these times.
Additional Notes:
Macro factors and market news should also be monitored, as they can significantly impact cryptocurrency prices.
