The current conditions are advantageous for entering a long position at these low levels. For greater confidence in maintaining a swing trade, the weekly candle needs to close within this price range.
The price action reinforces the long position opportunity, as it has responded to August's low and indicates a shift in behavior after the considerable drop from $6.15.
My target is $5, but if the situation exceeds expectations, I will set my sights on the previous high of $6.15.
đč$BTC Bitcoin has risen above the daily 50 EMA support level at $59,600. â đčThe price is encountering resistance at the $60,300 mark. đčA breakout above $60,300 could lead to a significant upward movement towards $61,600 and $64,300. â đčAt the moment, the price appears bullish, indicating a potential upward trend. đčHowever, it's the weekend, so trading volume is currently low.
The current conditions are advantageous for entering a long position at these low levels. For greater confidence in maintaining a swing trade, the weekly candle needs to close within this price range.
The price action reinforces the long position opportunity, as it has responded to August's low and indicates a shift in behavior after the considerable drop from $6.15.
My target is $5, but if the situation exceeds expectations, I will set my sights on the previous high of $6.15.
$BTC Bitcoin is currently forming a symmetrical triangle pattern and is trading slightly below the Ichimoku cloud, which acts as a resistance area. Furthermore, the 200-day moving average is situated above this pattern, providing additional resistance.
To validate Bitcoinâs next significant movement, a clear breakout or breakdown from the triangle is required. It's important to remain patient until a definitive trend emerges.