We will have correction in BTC
Bitcoin has formed a dynamic support level on the one-hour timeframe, with the latest interaction at this level indicating weakness in the current trend. This time, it is expected that Bitcoin will break below this dynamic support and attempt to test its static support range between $88,900 and $89,500. Given the significant liquidity accumulating below this dynamic support, it's anticipated that Bitcoin will dip below the static support to gather liquidity before making another attempt to test its resistance and then potentially enter a trading range. This trading range could lie between $88,000 and $92,000.
The critical support level for Bitcoin is in the $85,000 to $86,200 range. According to the analysis, before forming a new high, Bitcoin is likely to accumulate liquidity below this support. Therefore, the optimal range for re-entering a long position is between $85,000 and $86,200. Key support and resistance levels for Bitcoin are marked on the chart.
The critical support level for Bitcoin is in the $85,000 to $86,200 range. According to the analysis, before forming a new high, Bitcoin is likely to accumulate liquidity below this support. Therefore, the optimal range for re-entering a long position is between $85,000 and $86,200. Key support and resistance levels for Bitcoin are marked on the chart.
Sign up in Bybit Exchange with below link and get welcome bonus and 40% lifetime discount in all fee charges :
partner.bybit.com/b/Bizamooz
partner.bybit.com/b/Bizamooz
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.