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Important Bitcoin Update: Must read.Hello Traders, BTC has experienced some recent volatile movements, causing concern among many in the trading community. In this update, I'll provide an analysis of the possible BTC scenarios. 1. The breakout above the resistance trendline, marked by a substantial green candle, appeared unsettling. This was followed by a significant red candle, as illustrated in the chart. 2. A correction seems imminent, not just for Bitcoin, but for the entire market. I continue to anticipate this correction. 3. Currently, BTC finds support at $35k and $36k. If it drops below the $35k support level, it may necessitate a reevaluation of the chart using a different timeframe. 4. If BTC exhibits a positive movement from these support levels (a bounce), it could present an attractive opportunity for buybacks or re-entry. Note: It's essential not to succumb to FOMO (Fear of Missing Out) while trading. Prior to investing, comprehensive research is crucial. Please refrain from regarding this as financial advice, and don't rely solely on this update. Equip yourself with a solid understanding of trading to ensure a safer journey. We appreciate your valuable time. Warm regards, Team Dexter.
KRAKEN:BTCUSD
by Dexter_The_Trader
BITCOIN forming bullish triangle, bullish break to lead higherBTCUSD The price made a strong bullish break above the Daily Resistance area around $30,000-31,000, and price is currently above support/resistance structure, the safest choice would be to wait for the price to make a correction towards the previous resistance turned support area and if price holds above the support area look for long setups. But if the bullish pressure is too high, price might continue to move higher after a bullish breakout of the current narrowing structure (Triangle) without making a deep correction of the daily support around $31-30,000. So, my advice would be to wait for the price to make a bullish breakout of the triangle before adding long or to wait for the price to make a deep correction of towards the daily support mentioned above and then look for long opportunities. Trade Wisely *The content on this analysis is subject to change at any time without notice, and is provided for the sole purpose of assisting traders to make independent investment decisions.
BITSTAMP:BTCUSDLong
by Stargazer_fx
9
BITCOIN: NEVER GIVE UP MODE.BTC Update: BTC is not giving up so easily. It is still trying to pressurize the resistance and break above it. This scenario creates possible chances for BTC to break above the trendline and set a new target close to maybe $37k. According to the chart, a rejection toward $33.5k was something that I expected and I still am gonna stick to it unless BTC breaks the resistance level and manages to pull the price off the chart. What's your take on this? Do let me know in the comments. Thank you for reading and trade safely.
KRAKEN:BTCUSD
by Dexter_The_Trader
BTC/USD 1 Week ChartOn Monday, BTC had finally crossed above and broke through its major resistance area located on this 1 week charts at $32,415 - $27,785. Note: BTC is still in a Rising Wedge Pattern as well as an Upwards Channel Pattern. BTC is still in a massive Megaphone/Broadening Wedge Pattern otherwise known as an Ichimoku Y-Wave Pattern. Take Note of the Liquidity Voids. Note that the 50MA is moving upwards so if we continue having positive momentum, we will eventually see a Golden Cross on this BTC/USD 1 Week Chart when the 50MA (Yellow Line) crosses back above the 200MA (Red Line). Here is a closer look at this BTC/USD 1 Week Chart. RSI: Note that the RSI has crossed into the Overbought Zone. Don't panic! The RSI Line can continue continue going further upwards as well as range sideways in this zone. Up/Down Volume:
BITSTAMP:BTCUSD
by TradingThroughTheLens
3
Bitcoin 4H RSI OVERBOUGHT BEARISH DIVERGENCEBitcoin Price Analysis: As of the latest available data, Bitcoin (BTC) has reached a local high at $35,280. This level has acted as a significant resistance point in the recent price history. If Bitcoin is unable to break above this resistance, it could potentially signify a short-term top. This is an important level to watch as it may signal a reversal or consolidation in the price movement. 4-Hour RSI Overbought Bearish Divergence: The 4-hour RSI is a technical indicator that measures the momentum of the price. An RSI value above 70 is often considered overbought, indicating that the asset might be due for a pullback or correction. However, it's important to note that overbought conditions can persist in strong bullish trends. The bearish divergence occurs when the price makes a higher high, while the RSI makes a lower high. This can be a sign that the current uptrend is losing momentum, and a reversal might be on the horizon. Given the combination of the price reaching a significant resistance level and the 4-hour RSI showing signs of overbought bearish divergence, traders should exercise caution and consider potential short-term downside risk. This does not necessarily mean that a major trend reversal is imminent, but it could indicate that a pullback or consolidation phase may be in store.
by sailortrades
Key resistance remains intact after being tested BITSTAMP:BTCUSD The absolute level of key resistance, however, remains intact, the level is at $28,737 and marks the long-term 61.8% Fibonacci retracement from the 2020 low to the 2021 all-time high. This level has served as support and resistance in several of the most important price moves over the past several years such as the triple bottoms formed between the two all-time highs in 2021 and opened the floodgates towards $15,000 Bitcoin’s local bottom formed 1-year after hitting the ATH in November 2022. Although pricing has once again found unsurmountable resistance at this level the fact that it was taken out on the ETF rumor is solid evidence that it will undoubtedly not remain as the ceiling in price once an ETF approval is formally announced.
BITSTAMP:BTCUSD
by josephwagner007
Bitcoin can rebound from buyer zone to the top part of rangeHello traders, I want share with you my opinion about Bitcoin. Looking at the chart, we can see how the price a few days ago traded in the seller zone, which coincided with the 29000 resistance level, but after it rose to 29650 point, the price started to decline and in a short time fell to 29000 level. Then BTC broke it and made a strong downward impulse below the 25600 support level, which coincided with the buyer zone, but at once it rebounded up, thereby making a fake breakout. Also then price entered to big range, where Bitcoin traded near the buyer zone. Later price declined to the 25600 support level and even fell below again, but soon bounced back and later rose to the top part of the range. After this movement, BTC declined to the buyer zone and started to trade nearby. At the moment price continues to trade very close to the buyer zone inside the range and I think that Bitcoin can make a correction to the support level, which coincides with the buyer zone, and then the price can bounce and start to rise to top part of the range. For this reason, I set up my target at the 26800 level. Please share this idea with your friends and click Boost 🚀
Long
by LegionQ8
12
BTC/USD and its crucial support and resistance areaLooking at this Daily BTC/USD Bitstamp chart from around Oct 2020 to 29th July 2023 (today) we can see a few obvious chart patterns that BTC is still in on this daily chart. 1) Ichimoku Y-Wave Pattern AKA a Broadening Wedge Pattern/Megaphone Pattern 2) Ascending Channel Pattern 3) Descending Channel Pattern 4) Rising Wedge Pattern We can clearly see the crucial range that BTC must break ABOVE and turn into strong support, which is around $28,709 to $32,360 as highlighted by the channel with horizontal dotted lines with yellow shading. This area has been both strong support and resistance quite a few times over the years. As a Strong Support range: Sat 2nd Jan 2021 to Mon 1st Feb 2021 Wed 19th May 2021 to Fri 23rd Jul 2021 As a Strong Resistance range: Mon 9th May 2022 to Sun 12th Jun 2022 Monday 20th Mar 2023 to Monday 8th May 2023 Mon 29th May 2023 (1day) Wednesday 21st Jun 2023 to 29th Just 2023 (as of typing this) Using @LuxAlgo Buyside & Sellside Liquidity indicator, we can see that BTC is slowly filling up its Liquidity Void from around $29,611 to its bottom at $27,051. As we can see from the history of the chart, quite a few of Liquidity Voids do end up getting filled back up even after a long period of year and a half. We can also see that a Buyside Liquidity line is located almost exactly on the top of our important support/resistance area. Using the Visible Range Volume Profile (VRVP) in its Delta mode, we can see what the Traded Volume difference was on each of the Volume Profile Bars for this entire charts visible range. Note that the Volume Area Up is Blue and Volume Area Down is Yellow. Here is a closer look at this 1 day chart. Note that BTC is still below its Bollinger Bands Middle Band Basis, the Lower Band is still pointing downwards and the Upper Band looks like it may curve downwards. I have added a Fixed Range Volume Profile (FRVP) indicator from Thur 15th Jun 2023 to Sat 29th July 2023 (as of typing this). The FRVP is also in its Delta mode and you can clearly see the Traded Volume differences for each Bar. Note that again the Volume Area Up is Blue and Volume Area Down is Yellow. Looking at the Chaikin Money Flow Indicator (CMF) we can see that the CMF Line is still in the Distribution Zone under its 0.00 Base Line and note that it is still Below its Least Squares Moving Average (LSMA) indicator. Note that the LSMA has curved upwards at the moment. Looking at the Relative Strength Index (RSI) we can see that momentum has dropped and the RSI Line is still below its 9 Period EMA line. Using the Bollinger Bands on the RSI we can see that the RSI now has little bit of room to move downwards and a lot of room to move upwards before becoming over extended/overbought/oversold. It really is good practice to be on the lookout for any Convergence and Divergence with the RSI and the Price. The key takeaway from this post, the Resistance Area from around $28,709 to $32,360 is very, very important! Note we also have a Buyside Liquidity Line located almost directly on $32,360. For the Upside: A successful Daily Candle CLOSE above the $32,360 level and any successful re-test as strong support will be a good sign of continued positive momentum to come. For the Downside: Failure to CLOSE a Daily Candle above the $32,360 level will be a good sign of continued sideways to eventual negative momentum. Anyway, i hope this post is helpful.
BITSTAMP:BTCUSD
by TradingThroughTheLens
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Short
by TRADER_STREET
Bitcoin long setup hello Traders, here is the full analysis for this pair, let me know in the comment section below if you have any questions, the entry will be taken only if all rules of the strategies will be satisfied. I suggest you keep this pair on your watchlist and see if the rules of your strategy are satisfied. Please also refer to the Important Risk Notice linked below. Entry: 27404.68 Profit: 29404.81 (7.3%) Stop: 26150.82 (4.58%) Risk-To-Reward: 1.6 Expected duration: 3 - 7 days Status: Waiting 🕑
Long
by bullstraders7