Bitcoin BTC Market Update May 11, 2024
#BTC UPDATE
🔵 Technical Analysis (1D):
BTC is currently consolidating within a falling wedge pattern, managing to stay above the indicated level. A breach of this level may lead to a retest of the support trendline within the wedge.
Conversely, a #bounce from this point followed by a breakout of the wedge would signal a shift to bullish momentum. Given the current market uncertainty, it's crucial to monitor price action closely.
🔵 Wrap-Up:
BTC remains in a falling wedge, holding above a critical level. A breakdown would prompt a retest of the support trendline, whereas a bounce and subsequent breakout would indicate bullish sentiment. In light of market fluctuations, vigilant monitoring of price action remains essential.
#Bitcoin Daily Range:
Upper Limit: $63,500Lower Limit: $60,200
(+-11% based on moving average volatility from opening to closing points)
🔵 Scalp Entries: (For advanced traders only - moderate/high risk)
🔵 Long Entry: $57,000
🔴 Short Entry: $65,000
🔵 Technical Analysis (1D):
BTC is currently consolidating within a falling wedge pattern, managing to stay above the indicated level. A breach of this level may lead to a retest of the support trendline within the wedge.
Conversely, a #bounce from this point followed by a breakout of the wedge would signal a shift to bullish momentum. Given the current market uncertainty, it's crucial to monitor price action closely.
🔵 Wrap-Up:
BTC remains in a falling wedge, holding above a critical level. A breakdown would prompt a retest of the support trendline, whereas a bounce and subsequent breakout would indicate bullish sentiment. In light of market fluctuations, vigilant monitoring of price action remains essential.
#Bitcoin Daily Range:
Upper Limit: $63,500Lower Limit: $60,200
(+-11% based on moving average volatility from opening to closing points)
🔵 Scalp Entries: (For advanced traders only - moderate/high risk)
🔵 Long Entry: $57,000
🔴 Short Entry: $65,000
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- Marks Entry, SL, and Profit Targets on your chart
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