🔺 Bitcoin's Ascending Triangle in 4-Hour Frame: Bitcoin (BTC) is currently in an ascending triangle pattern in the 4-hour timeframe, which resembles a flag pattern in the daily chart. A breakout could potentially lead to a significant price pump.
📈 BTC Dominance and Altcoin Movement: As Bitcoin’s price rises, so does its dominance, which might limit altcoin movements. But this isn't the whole story.
🔑 Key Resistance at $37,850: In the 4-hour timeframe, BTC is grappling with the significant resistance level of $37,850 and hasn't yet secured a position above it.
🚀 Potential Move to Supply Zone: Upon a successful break and confirmation (not a fake-out), BTC could move towards the supply zone between $40,000 and $41,500. There's a high chance of reaching this zone due to short liquidations and FOMO in the market, followed by a correction after touching this area.
📌 Holding Strategy for Current Bitcoin Holders: For those who already own Bitcoin at good entry points, holding seems like the best current strategy. Personally, my entry points are at $18,000, $21,000, and $25,000, with a stop loss still set at $25,000.
🛑 Caution for Bitcoin Buyers: It's advisable not to rush into buying Bitcoin. Even if Bitcoin hits $180,000, it would represent a 300% gain, and the crypto market has the potential to offer much more.
📊 Futures Trading Approach: For futures, it might be wise to wait for Bitcoin to complete its movement and enter a ranging phase, and for BTC dominance to decrease or stabilize. This would be a more favorable time to open positions on altcoins.
🔑 Related Categories:
Chart Patterns
Bitcoin Analysis
Market Strategy
📣 : What’s your Bitcoin strategy at this juncture? Let’s discuss in the comments! 💬🌐 #BitcoinTrend #CryptoStrategy #TradeCityPro
📚 Remember: Cryptocurrency investment is high-risk. Stay informed and invest wisely! 🧠💼