Bitcoin technical analysis in this simple 4h chart
BTCUSD chart and technical analysis – watch these key levels
Bitcoin trading analysis: key points and strategies 🤑📉📈
Bulls’ strategy: 📈
Breakout from yellow bull flag:Target Point 1: Around $59,850.Target Point 2: If Point 1 is breached, aim for approximately $62,000 (anchored VWAP from 22 Jan 2024).Bullish scenario:Watch for a breakout without a pullback at Point 1.Successful breakout leads to next resistance at $62,000.
Bears’ strategy: 📉
First lower standard deviation test:Bears aim for a test around $53,750 (first lower standard deviation of anchored VWAP).Psychological $50k level:Significant liquidity below the $50K mark.Key Point: Potential for stops being hit below $50K, triggering more selling pressure.Bottom band reversal:Watch for price action around $48,850, where previous long positions were stopped out.Potential reversal point at the bottom band of the yellow channel.
Recommendations for traders: 💡💰
Shorting opportunity:Consider shorting at Point 2 if the price reaches around $62,000.Long position:Look for buying opportunities below the $50K mark, especially around $48,500.
Important note:
Trade at your own risk!Always manage your risk and consider the market conditions before entering any trades.
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Happy trading! 🚀📊
This article was written by Itai Levitan at www.forexlive.com.
