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.
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Key Facts:
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Conclusion:
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!
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.
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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!
Regards,
Trend Rider
Trend Rider
Disclaimer
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