Too soon to say

In the BTC chart, we're seeing a delicate balance as the market decides its next major move. The MACD remains in bearish territory, yet the recent uptick suggests underlying strength that could soon reflect in the price if sustained. However, caution is warranted until this potential reversal is confirmed by a solid bullish candle closure.

The RSI hints at growing momentum but has yet to reach a decisive threshold. Keep a close eye on this indicator for further signs of strength or weakness as it approaches key levels.

Currently, the market is testing a vital area; a breakout has not been confirmed, indicating that we are at a pivotal moment. While there's potential for upside, it's essential to recognize that further drops are not off the table, emphasizing the need for vigilance.

We're stationed at a point where strategic planning is critical. Market participants should prepare for both continuation and reversal scenarios. Stay tuned for the market's next steps and adjust your strategies accordingly.

Enjoyed the analysis? Don’t forget to hit like, drop a comment with your thoughts, and share it with your friends.

Comment:

Updated:
Price reacted to the green level I've highlighted on the chart.
I'll keep this chart updated.

Comment:

Price is reacting to the dynamic trend line - indicating bullish confirmation.
We need to wait a bit more to get a better sense of the next move.

Trade closed: target reached:

Price has reached the supply zone of 62K and bounced off.

Comment:

Retesting support now.

Trade active:

Forming a bearish channel:

Trade active:

Updated here:

Trade active:

Here is a weekly update:

Trade active:

Resistance pushed down on it again:

Comment:

While we're waiting for the next big move, let's give this a read:

Trade active:

Bitcoin dropped: