Bitcoin Weekly Analysis: Still Overbought (good)

I See Fear in the Market: Weekly Bitcoin Analysis

Hello, traders! It's time for our Weekly Bitcoin Analysis. Today, I'm sensing a wave of fear in the market. But remember, at Trend Rider, we prioritize facts over emotions. Let's dive into the details.

We follow facts, not emotions.

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Key Facts:

• Overbought Condition: Bitcoin's price is still overbought, remaining above the critical red line at $40.2K.
  Bull Trend Support: We're observing a robust support at $32K. This support is indicated both by a wave pattern and an untested horizontal line.
  Overall Trend: The trend remains bullish.
  Oscillator Check: No bearish signals detected on the oscillator yet.
  Stochastic RSI Note: A bearish cross is visible on the stochastic RSI, but we need to wait until Sunday for confirmation.
  

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Conclusion:

• Holding Strategy: There's no immediate reason to sell. We'll wait for the weekly candle to close and check for any emerging bearish signals.
  Action Plan: If the closure happens below the red line, it might be wise to take some profits. We'll consider re-entering near the support levels. Even with a drop to $32K, the bullish trend is likely to persist.
  Altcoin Caution: Keep in mind, each altcoin requires a distinct analysis. The risk escalates when Bitcoin undergoes a correction.
  

One signal at a time, have a great week.

Not financial Advice

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So, what's your strategy with Bitcoin this week? Are you buying the dip, or waiting it out? Share your thoughts!