Bitcoin (BTC) seems to be presenting an interesting scenario. It's hovering near a key support zone and could provide a lucrative trading opportunity if certain conditions play out. However, this idea requires thorough analysis and is not to be taken as financial advice. Remember, every investment carries inherent risks.
Idea:
Bitcoin is currently trying to touch the significant support area between 25200 - 24400. This area is not only a substantial horizontal support level but also coincides with the dip of the upward trend that began from the 16K level. This combination of horizontal support and trendline support adds a layer of confluence to this zone and makes it a crucial area to watch.
Should Bitcoin hold this support zone, we can expect the bullish momentum to pick up. It is likely that BTC could then begin a new upward move, potentially targeting the 35K - 40K area. This would represent a significant price increase and would restore much of the value lost during the recent correction.
However, a break below the support area could invalidate this scenario, which is why it's essential to have a risk management strategy in place.
Traders should keep a close eye on how BTC interacts with this support zone. A strong bounce could serve as a potential entry signal for a long position, while a break below could suggest further downside.
This post is for educational purposes only and is not investment advice. Please do your own research before making any investment decisions. Cryptocurrency investments carry significant risk and may result in a loss of your capital.
Idea:
Bitcoin is currently trying to touch the significant support area between 25200 - 24400. This area is not only a substantial horizontal support level but also coincides with the dip of the upward trend that began from the 16K level. This combination of horizontal support and trendline support adds a layer of confluence to this zone and makes it a crucial area to watch.
Should Bitcoin hold this support zone, we can expect the bullish momentum to pick up. It is likely that BTC could then begin a new upward move, potentially targeting the 35K - 40K area. This would represent a significant price increase and would restore much of the value lost during the recent correction.
However, a break below the support area could invalidate this scenario, which is why it's essential to have a risk management strategy in place.
Traders should keep a close eye on how BTC interacts with this support zone. A strong bounce could serve as a potential entry signal for a long position, while a break below could suggest further downside.
This post is for educational purposes only and is not investment advice. Please do your own research before making any investment decisions. Cryptocurrency investments carry significant risk and may result in a loss of your capital.
Daily trader with PA and FP