Market Analysis

May 9, 2024

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⚪️TECHNICAL (1D)

BTC is currently striving to maintain its position above the critical support level of $61K. Should the bulls fail to sustain this level, it could pave the way for a further downward trend in the market. However, there are some encouraging signs amidst the uncertainty. Bullish candle closes and a successful breakout retest of the trendline are indications favoring a bullish outlook.

⚪️WRAP-UP (VIP)

BTC is teetering on the $61K support level. A break could trigger a downward trend. Bullish candle closes and a trendline breakout retest signal potential bullish momentum.

$BTC DAILY RANGE:

📈Upper Limit: 63000

📉Lower Limit: 60888

(+-10% based on moving average volatility open/endpoints)

📌SCALP ENTRIES (VIP)

(*Advanced traders only - moderate/high risk)

🔵LONG

💲59500

🔴SHORT

💲65000