Bitcoin Analysis: Correction or Continuation?
📈✅Bitcoin is the largest cryptocurrency by market capitalization. It has been on a bullish trend since the beginning of the year.
🔍Bitcoin has broken out of the primary resistance at $30,750 and has started a new primary trend. The price is currently in a very important supply zone near the ATH and we can expect a correction or pullback.
🚀The ascending channel has been broken from above and the price is continuing its movement with a curved trendline. The target of the channel is between $85,000 and $90,000.
🛒If the price starts to correct from here, we can wait for confirmation of the price for buying in the ranges of $42,500 to $45,000 and $35,000 to $37,000.However, if the resistance at $69,000 is broken, we should wait for it to start correcting and enter the correction.
🗯The RSI oscillator is also in the overbought zone and is facing resistance at 88. It may come out of the overbought zone, however, if it can break its resistance, it can move up to 95, in which case the price is likely to hit the channel target.
📊In terms of volume, it has increased after breaking $30,750 and is confirming the trend.
💎If you have bought Bitcoin from the lower levels, I suggest you wait for it to react to the resistance and if it rejects and makes a heavy red candle, you can take profit. If the supply zone is also lost, you can still hold.
🧠💼This is not financial advice, and it is only my personal opinion on this cryptocurrency. Please do your own research before making any investment decisions.
🔍Bitcoin has broken out of the primary resistance at $30,750 and has started a new primary trend. The price is currently in a very important supply zone near the ATH and we can expect a correction or pullback.
🚀The ascending channel has been broken from above and the price is continuing its movement with a curved trendline. The target of the channel is between $85,000 and $90,000.
🛒If the price starts to correct from here, we can wait for confirmation of the price for buying in the ranges of $42,500 to $45,000 and $35,000 to $37,000.However, if the resistance at $69,000 is broken, we should wait for it to start correcting and enter the correction.
🗯The RSI oscillator is also in the overbought zone and is facing resistance at 88. It may come out of the overbought zone, however, if it can break its resistance, it can move up to 95, in which case the price is likely to hit the channel target.
📊In terms of volume, it has increased after breaking $30,750 and is confirming the trend.
💎If you have bought Bitcoin from the lower levels, I suggest you wait for it to react to the resistance and if it rejects and makes a heavy red candle, you can take profit. If the supply zone is also lost, you can still hold.
🧠💼This is not financial advice, and it is only my personal opinion on this cryptocurrency. Please do your own research before making any investment decisions.
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