🔻 Bitcoin's Recent Rejection and Correction: Bitcoin experienced a rejection at the critical resistance of $44,275, followed by a correction down to the significant support at $40,275.
🔍 Key Support Zone: The range between $40,257 and $39,449 is a crucial support area, overlapping with the 0.5 and 0.618 Fibonacci levels.
📈 Overall Bullish Trend in Higher Timeframes: Despite the recent red candle, the broader trend in higher timeframes remains bullish.
💡 Importance of Capital and Risk Management: It's crucial to take capital and risk management seriously to avoid FOMO and anxiety. I will provide a detailed post on capital management later.
🔐 Personal Bitcoin Strategy: For now, I'm holding my Bitcoin.
📈📉 Market Scenarios:
Potential Bounce and Drop Post-ETF News: The scenario might involve a bounce to the supply zone of $44,000 to $46,000, followed by a decline towards the $32,000 region after the confirmation of ETF news. However, this is just one scenario; the best approach is to react optimally to whatever happens in the market.
Short Position Strategy: Wait for a range box to form and Bitcoin dominance to start decreasing before opening short positions on Bitcoin.
Long Position Strategy for Altcoins: If Bitcoin dominance drops and Bitcoin ranges or continues to be bullish, focus on altcoins for long positions.
🚫 No Current Trigger for Long Bitcoin Positions: Currently, I don't have a suitable trigger for long positions on Bitcoin.
🔑 Related Categories:
Bitcoin Trend and Correction Analysis
Fibonacci Levels
Risk and Capital Management
📣 How are you adjusting your strategies with Bitcoin's recent movements? Share your approaches and insights! 💬🌐 #BitcoinMarket #TradingStrategies #TradeCityPro
📚 Remember: The cryptocurrency market is highly unpredictable. Always conduct thorough research and practice sound risk management! 🧠💼
