BTC/USD (Mini Consolidation?)

💎Technical Analysis Summary💎



BTC/USD


-After the bullish rejection at the 50D MA for the 2nd time
-Bitcoin is up by almost 20% from the recent daily higher low point
-Currently, the price has been consolidating in this small range between 56.6k-60k dollars
-If this a mini bull flag to break into a new all-time high price?
-Or a little weakness as the bulls are not showing any strength to go higher anymore?
-This is like a calm before the storm at the moment
-We can see the BTC dominance is dropping to a new lower low, currently at 58.5 level
-Many Altcoins are performing extremely well this past few days
-Since it is the weekend, BTC can move against you since the market is a bit choppy
-I always recommend booking profit and move stop loss at BE to reduce your risk
-If in case we will have a pullback, the 54k-55k is a good potential support
-And if BTC will make a new higher price, I will start scaling in for new positions
-Anyways, Good luck everyone!




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