LONG BTCUSDT: Attractive if they get this support

BINANCE:BTCUSDT   Bitcoin / TetherUS
Hello, long-term investors! Let's discuss our strategy for the new day, shall we?

Overall, BTCUSDT has been experiencing days of trading filled with green, surpassing the psychological resistance level of $50,000 and quickly conquering $60,000 without undergoing any significant corrections up until now. It is currently trading around $63,000, marking a 0.97% increase for the day and maintaining a stable upward trend on the weekly chart. So, what are the reasons and what will happen next to drive this coin?

The recent influencing factor is the upcoming halving event, which is often associated with price surges. Bitcoin's price can increase by hundreds of percentage points in the months following the event. The next halving is expected to take place in mid-April and will reduce miners' block rewards. The market's expectation of a decrease in the new supply of Bitcoin has provided some support for its price.

Regarding the new prospects for BTCUSDT: On the price chart, it is approaching the psychological resistance level of $70,000. Maintaining this level will lead to a price decrease, while a breakthrough will result in an increase in price. However, with the application of the cup and handle pattern strategy, I expect that after reaching the aforementioned resistance level, the price will decrease and touch the upward support level and retest the EMA 34, 89 levels.
Trade active
Trade active
Trade active

Join my free signals group 🚀:
High quality signal 📈
Let's make profits together 💰

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.