Hello all,
In this analysis, we'll be examining BTC, which is expected to revisit a critical trendline that goes back to late December 2022. This trendline was tested for the first time on March 9th, 2023, and now BTC is in a journey to test its validity once again.
If the trendline proves to be valid and provides support for BTC, we can expect a bounce from this level. Considering the same size of the pullback wave, the expected support for BTC lies around the $23,000 area. If BTC bounces off this support level, we could witness another push towards breaking the significant resistance zone at $30-32k.
Here's the potential scenario for BTC:
BTC tests the trendline around the $23,000 support level and confirms its validity.
Following the trendline bounce, BTC begins an upward move towards the $30-32k resistance zone.
If the bullish momentum persists, BTC may break the $30-32k resistance zone, signaling further upward movement.
It's essential to closely monitor the price action around the trendline and the $23,000 support level to confirm the bounce. Additionally, keep an eye on market conditions, as other factors could impact BTC's price movement.
In summary, BTC/USD is about to test the validity of a crucial trendline dating back to late December 2022. If the trendline proves valid and BTC bounces from the $23,000 support level, we might expect another push towards breaking the $30-32k resistance zone. As always, exercise caution and use proper risk management strategies when trading. Good luck!
In this analysis, we'll be examining BTC, which is expected to revisit a critical trendline that goes back to late December 2022. This trendline was tested for the first time on March 9th, 2023, and now BTC is in a journey to test its validity once again.
If the trendline proves to be valid and provides support for BTC, we can expect a bounce from this level. Considering the same size of the pullback wave, the expected support for BTC lies around the $23,000 area. If BTC bounces off this support level, we could witness another push towards breaking the significant resistance zone at $30-32k.
Here's the potential scenario for BTC:
BTC tests the trendline around the $23,000 support level and confirms its validity.
Following the trendline bounce, BTC begins an upward move towards the $30-32k resistance zone.
If the bullish momentum persists, BTC may break the $30-32k resistance zone, signaling further upward movement.
It's essential to closely monitor the price action around the trendline and the $23,000 support level to confirm the bounce. Additionally, keep an eye on market conditions, as other factors could impact BTC's price movement.
In summary, BTC/USD is about to test the validity of a crucial trendline dating back to late December 2022. If the trendline proves valid and BTC bounces from the $23,000 support level, we might expect another push towards breaking the $30-32k resistance zone. As always, exercise caution and use proper risk management strategies when trading. Good luck!