Greetings everyone! Today, I will be examining BTC and providing my analysis of the current state of the asset.
Firstly, I would like to note that while the upward trend of the asset seems promising, there are a few areas of concern. To provide a detailed analysis, I suggest dividing the technical analysis into two sections: one for growth and the other for local correction, each with clear entry points.
In support of growth, there are a couple of factors to consider.
1) Firstly, there has been an increase in volumes at the $24,500 resistance level.
2) Additionally, on the daily timeframe, there has been a crossover of MA 50 and 200, forming a Golden Cross.
If the asset can consolidate above the resistance line, then I anticipate further movement towards the $30,000 - $31,000 area, where local volume accumulation has been formed.
However, due to the impulsive exit from the resistance zone, it may be challenging to identify an entry point. As such, the best approach would be to wait for consolidation at the $30,000 level and seek an entry point with a short risk/reward ratio.
On the other hand, there are also indications of a correction.
1) Candlestick formation that resembles a false breakout
2) Head-shoulders pattern
If the asset fails to break through the resistance, a correction may ensue, and it may be possible to enter at the $18,500 support line. At this point, the risk-to-profit ratio will be minimal.
Given the data, it is essential to wait for either scenario and be prepared to enter a deal. It is worth noting that the primary objective of a trader is not to predict the direction of movement, but to be ready for any situation. Good luck and may success be on your side in the market!
Firstly, I would like to note that while the upward trend of the asset seems promising, there are a few areas of concern. To provide a detailed analysis, I suggest dividing the technical analysis into two sections: one for growth and the other for local correction, each with clear entry points.
In support of growth, there are a couple of factors to consider.
1) Firstly, there has been an increase in volumes at the $24,500 resistance level.
On the other hand, there are also indications of a correction.
1) Candlestick formation that resembles a false breakout
Given the data, it is essential to wait for either scenario and be prepared to enter a deal. It is worth noting that the primary objective of a trader is not to predict the direction of movement, but to be ready for any situation. Good luck and may success be on your side in the market!
