Market Analysis

May 19, 2024

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⚪️TECHNICAL (1D)

Bitcoin experienced a significant surge following the breakout of a falling wedge pattern. Currently, it is attempting to break through a horizontal resistance level. A strong volume candle close above this horizontal resistance or a successful retest above this level would signal a bullish trend. Conversely, if the retest fails and a candle closes below the horizontal resistance, it would indicate a bearish trend.

⚪️WRAP-UP (VIP)

BTC surged after breaking out of a falling wedge and is now testing horizontal resistance. A strong volume close or successful retest above this level signals bullish momentum, while a failed retest and close below it indicates a bearish trend.

$BTC DAILY RANGE:

📈Upper Limit: 67400

📉Lower Limit: 66800

(+-12% based on moving average volatility open/endpoints)

📌SCALP ENTRIES (VIP)

(*Advanced traders only - moderate/high risk)

🔵LONG

💲65000

🔴SHORT

💲72000

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