BTC FORMING AN ASCENDING TRIANGLE.
Updated
Dear Traders,
I am pleased to share an update on Bitcoin (BTC) in the daily timeframe, as a new pattern has emerged, presenting an ascending triangle formation. This pattern appears promising, as it suggests a potential drop toward the 28k or 27K support levels, followed by a robust bounce back to 31k. It is important to note that BTC currently faces strong resistance at the 31K level, and a decisive breakout above this resistance is critical to sustain a higher rally.
For spot trading, the opportune entry point lies within the range of 27K to 28k. However, for those considering scalping and leverage strategies, a meticulous analysis of the hourly timeframe is highly recommended. While the daily timeframe aids in predicting future price movements in the following days, the hourly timeframe provides more precision for short-term trading decisions.
Key points to consider:
1. 31K Resistance: A significant obstacle for BTC's upward movement.
2. 27K to 28k Support: A potential entry zone for spot trading.
3. Ascending Triangle Formation: A pattern indicating possible price movements.
4. Bearish RSI: Indicates the need for caution and careful analysis.
Please note that this update is intended for informational purposes only and should not be construed as financial advice.
Wishing you success in your trading endeavors and a positive outlook ahead.
Best regards,
Team Dexter.
I am pleased to share an update on Bitcoin (BTC) in the daily timeframe, as a new pattern has emerged, presenting an ascending triangle formation. This pattern appears promising, as it suggests a potential drop toward the 28k or 27K support levels, followed by a robust bounce back to 31k. It is important to note that BTC currently faces strong resistance at the 31K level, and a decisive breakout above this resistance is critical to sustain a higher rally.
For spot trading, the opportune entry point lies within the range of 27K to 28k. However, for those considering scalping and leverage strategies, a meticulous analysis of the hourly timeframe is highly recommended. While the daily timeframe aids in predicting future price movements in the following days, the hourly timeframe provides more precision for short-term trading decisions.
Key points to consider:
1. 31K Resistance: A significant obstacle for BTC's upward movement.
2. 27K to 28k Support: A potential entry zone for spot trading.
3. Ascending Triangle Formation: A pattern indicating possible price movements.
4. Bearish RSI: Indicates the need for caution and careful analysis.
Please note that this update is intended for informational purposes only and should not be construed as financial advice.
Wishing you success in your trading endeavors and a positive outlook ahead.
Best regards,
Team Dexter.
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