BTCUSDT: Long-term analysis, pay attention to correction and inc

Hello everyone, let's discuss and strategize about my day today!

Overall, Bitcoin has returned to recovery with great strength from the bulls. It is currently trading at a new high of $67,656 after hitting $68,265, marking a 0.27% decline on the day.

From the 4-hour chart, it can be seen that Bitcoin has completely broken out of the $65,750 resistance level, while also exiting the parallel bearish channel. Theoretically, BTCUSDT should establish this breakout zone as a strong support zone for the next recovery.

My buy-on-the-dip strategy remains strong at this point as long as the $65,750 support level holds. The targets mentioned are 69,050 USD, 70,650 USD and 72,495 USD respectively.

I expect the price to retest the $65,750 level with a wave correction according to DOW theory. If the price quickly returns to this support level, the likelihood of a strong recovery increases. Fundamentally and technically, the Bitcoin market is showing growth so we can expect a bullish scenario at the moment.

Trade active

Comment:

Price moves in a sideways range so we can look for selling opportunities before increasing further.