BTC Trading Strategy
Updated
Dear traders,
After the recent decline, Bitcoin has bounced back to $63,700. Despite positive signals from Fed Chairman Powell hinting at further interest rate cuts, the cryptocurrency has not received support, as seen from the setup on the 1-hour timeframe.
The main reason for this drop is the reaction to a technical correction trend, with the price remaining stable below the 34.89 (EMA), indicating that there’s no significant reversal at the moment. On the contrary, bearish momentum is likely to increase further.
Looking at the current outlook, one particular idea that stands out to me is the formation of an inverted cup and handle pattern. If sellers hold firm at the $64,000 resistance zone, we continue to support the short-selling strategy.
Happy trading!
After the recent decline, Bitcoin has bounced back to $63,700. Despite positive signals from Fed Chairman Powell hinting at further interest rate cuts, the cryptocurrency has not received support, as seen from the setup on the 1-hour timeframe.
The main reason for this drop is the reaction to a technical correction trend, with the price remaining stable below the 34.89 (EMA), indicating that there’s no significant reversal at the moment. On the contrary, bearish momentum is likely to increase further.
Looking at the current outlook, one particular idea that stands out to me is the formation of an inverted cup and handle pattern. If sellers hold firm at the $64,000 resistance zone, we continue to support the short-selling strategy.
Happy trading!
Trade closed: target reached
CongratulationsComment
-Join the free signal group now – Get the chance to make money every day!
-Get accurate signals with a win rate of up to 80% – Completely free!
✅Click the link below:
t.me/+0v06HRo9rEQzNDM1
-Get accurate signals with a win rate of up to 80% – Completely free!
✅Click the link below:
t.me/+0v06HRo9rEQzNDM1
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.