Bitcoin ote buy
Updated
I am expecting a strong up reaction to the important weekly support levels of the weekly ma200 around 26300 and the weekly ma20 around 25600, so it should be an optimal trade entry to buy the btc dip in this pull back phase.
With the strong long term support it can then form a new short term uptrend channel and likely retest the 30k price level.
With the strong long term support it can then form a new short term uptrend channel and likely retest the 30k price level.
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support held, and in a few days Hongkong will reopen crypto trading, technicals and fundamentals match well hereNote
btc bounced back to the 30k resistance, that the support at around 25k held is bullish but there is no guarantee of further upside just yet. After 30k there is little resitance until 60k. Which seems a bit early. Bitcoin always made new aths after the halving and not before, and the halving will be around may 2024. Therefore its most likely we will enter some new boring sideways period at some point.My guess is that this new sideways period could be somewhere between 30-50k if breaking >32k. if it isnt broken, i expect btc to still hold above the weekly ma200.
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we have a big catalyst now, ripple winning against sec... ripple is somewhat shady so ti will give the market confidence that a more legit case like gbtc will also win against the sec in court. the sec has to be more careful from now on, giving alts some room to breath and recover as well.bears might give up fighting at the 32k resistance, and move the battle to a higher price. once 32k breaks btc should start to discover this price.
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holding because "I am pretty confident we are the new wealthy elite, gentlemen."Note
btc price went back to the entry price and below weekly ma200 and weekly ma20 showing some weakness. If it doesnt bounce rather soon there is the risk that the price could drop to the next major support at 21k.21k would be another great entry price but there is no guarantee that it will go that low.
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support holding again after Graysacle wins against the SEC to convert GBTC into an ETF.Btc is still historically cheap, trading around the weekly ma200
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The current phase is rather boring, market is moving randomly sideways. I think below 24k, btc would target 20k and bottom there. Above 28k, I would expect further upside towards 46k. There is no reason to be overly bearish though, as time favors the bulls.
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