July 13, 2024 at 04:11PM
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 $48,850.
Important note:
Trade at your own risk!
Always manage your risk and consider the market conditions before entering any trades.
Stay updated:
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Happy trading! 🚀📊
This article was written by Itai Levitan at www.forexlive.com.