BitcoinLong
BTC is not done
Updated
We all see what we want to see on the charts.
However, this does not change the fact that we are in a bull market and the potential for BTC to go up is always a better gamble.
However, this does not change the fact that we are in a bull market and the potential for BTC to go up is always a better gamble.
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Idea Summary: Identifying Entry Points for Crypto Traders
The goal of sharing this chart is to highlight potential entry points for those new to the crypto market or traders who sold during the last breakout and are now seeking new opportunities.
Chart Breakdown
This chart features a combination of long-term and short-term trend lines, which are identified using the following color codes:
Hard Blue: Long-term support and resistance.
Hard Light Blue: Potential new support.
Soft Light Blue: Most likely support level.
Soft Orange: Fallout channel.
Hard Yellow: Channel of the current trend.
Methodology
I have used the Donchian Channels (DC) indicator to determine the trend's direction. Specifically:
Length: 14
Offset: 7
This helps analyze price movements over the 7-day period marked between the two vertical lines.
Observations
There appears to be a recurring pattern in the chart. While I wish I could edit the chart further for clarity, here’s what I observed:
If we look at the first two circles on the chart, we can see yellow triangles similar to the one visible in the last circle.
These triangles indicate areas where we might anticipate a bullish movement.
Final Thoughts
While we all interpret charts differently, I am betting on the bulls in this scenario. I hope this explanation adds clarity and assists in identifying potential entry points.
Note
Update:
BTC has remained within the channel of the current trend (bounded by the yellow lines). It is currently challenging the long-term resistance (represented by the top hard blue line). This behavior aligns with the patterns observed at the previous two resistance levels, which are marked by the yellow circles.
Interestingly, the previous two resistance levels have subsequently become key support for BTC. We may potentially see a similar scenario unfolding here.
Today's close will be critical in determining the direction of this position. However, I remain optimistic, due to the bullish momentum toward achieving a new ATH and the positive psychological impact this could have on the market sentiment.
Disclaimer
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