What's up my investor friends?
On March 13, BTC reached a new high of $61800, overcoming the resistance of $58300. But the price has remained below this new high.
Currently we can see that it is still in an uptrend visible on the 4-hour candlestick (green line). However, it remains below the psychological resistance of $60000 (orange line).
The price is under pressure and from my point of view, there are two possible scenarios that I show you below.
Scenario 1:
The bitcoin could overcome this pennant pattern by breaking to the upside and reaching the ceiling of $61600. And probably with the breakout of this pattern, this ceiling could also be overcome and continue the bullish rally.
Scenario 2:
A break below the uptrend line (green line) could push the price to the support zone between $52000 and $50000 (purple zone).
Personal opinion:
I would not trade until I see BTC take either of these two directions. It is best to wait for price action, see a successful breakout and make the entry in favor of that breakout, placing fair stops.
The bitcoin trend remains bullish in the medium to long term. If BTC reaches levels of $52000 - $50000, it would be a buying opportunity for investors who operate at longer terms.
Best regards friends!
Important
The information provided in this publication should not be considered as an investment recommendation. Trading cryptocurrencies, forex, stocks, among others, is risky.
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Yo me inclinaria mas por el escenario 2, todo parece que el BTC no tiene fuerza actualmente para sobrepasar la zona de los 60000$, no se observa ingreso de volumen a esos niveles.
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Yo también colega, por eso prefiero esperar los rompimientos. La acción del precio es clave a la hora de operar. Además el BTC necesita ya corregir mas pronunciadamente... No es para nada sano subir de la manera en la que lo está haciendo.
Gracias por tomarte el tiempo de ver mi análisis amigo. Un saludo! 👋
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I agree. It's in no-man's land right now. If you are just accumulating, then no reason to stop. But if you're a trader, you definitely need to wait for a clearer signal one way or the other before making a move.
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Exactly my friend! We have to wait for it to break out of that pattern and see which way it decides to go. As a trader always have to be a sniper if we want to be consistent over time. Thanks for taking the time to comment on my post. Best regards!
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