Bitcoin technical analysis in this simple 4h chart
BTCUSD chart and technical analysis – watch these key levels
Bitcoin trading analysis: key points and strategies 🤑📉📈
Bulls’ strategy: 📈
- Breakout from yellow bull flag:
- Target Point 1: Around $59,850.
- Target Point 2: If Point 1 is breached, aim for approximately $62,000 (anchored VWAP from 22 Jan 2024).
- Bullish scenario:
- Watch for a breakout without a pullback at Point 1.
- Successful breakout leads to next resistance at $62,000.
Bears’ strategy: 📉
- First lower standard deviation test:
- Bears aim for a test around $53,750 (first lower standard deviation of anchored VWAP).
- Psychological $50k level:
- Significant liquidity below the $50K mark.
- Key Point: Potential for stops being hit below $50K, triggering more selling pressure.
- Bottom band reversal:
- Watch for price action around $48,850, where previous long positions were stopped out.
- Potential reversal point at the bottom band of the yellow channel.
Recommendations for traders: 💡💰
- Shorting opportunity:
- Consider shorting at Point 2 if the price reaches around $62,000.
- Long position:
- Look for buying opportunities below the $50K mark, especially around $48,500.
Important note:
- Trade at your own risk!
- Always manage your risk and consider the market conditions before entering any trades.
Stay updated:
- Visit ForexLive.com for the latest market analysis and updates.
Happy trading! 🚀📊
This article was written by Itai Levitan at www.forexlive.com. Source