On the daily chart (D), the price closed with a bullish candlestick and retraced to the 0.618 Fibonacci level, indicating strong support. The bullish view remains intact, with potential for further upward movement if the $68-69k support area holds.
On the hourly chart (H1), there is a reversal pattern forming, suggesting a potential uptrend. Traders may wait for the price to retrace to around $69.5k for a buying opportunity. The next resistance levels to watch are $72.7k and $73.5k.
Altcoins are showing weaker buying pressure compared to BTC due to BTC's dominance in the market. Traders may focus more on BTC trades, while considering quick scalping strategies for Altcoins.
On the hourly chart (H1), there is a reversal pattern forming, suggesting a potential uptrend. Traders may wait for the price to retrace to around $69.5k for a buying opportunity. The next resistance levels to watch are $72.7k and $73.5k.
Altcoins are showing weaker buying pressure compared to BTC due to BTC's dominance in the market. Traders may focus more on BTC trades, while considering quick scalping strategies for Altcoins.
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Related publications
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.