#BTC reaches the buy zone, beware of rebound
📊#BTC reaches the buy zone, beware of rebound⚠️
🧠From a structural perspective, the support zone of 94000-95000 was broken, which continued the strength of the bears. This support zone has been tested many times. After being broken, it will turn into a resistance zone. Generally, it may be blocked and fall back when it reaches here for the first time. The target area of the bear structure has also been achieved, so we need to be wary of the risk of rebound.
➡️From a graphical perspective, the symmetrical triangle chose to break down and reached the expected target (L: 91160), so we need to be wary of the possibility of a rebound from here. The lower edge of the triangle has turned from support to resistance
Let's take a look👀
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BTCUSDT.P
🧠From a structural perspective, the support zone of 94000-95000 was broken, which continued the strength of the bears. This support zone has been tested many times. After being broken, it will turn into a resistance zone. Generally, it may be blocked and fall back when it reaches here for the first time. The target area of the bear structure has also been achieved, so we need to be wary of the risk of rebound.
➡️From a graphical perspective, the symmetrical triangle chose to break down and reached the expected target (L: 91160), so we need to be wary of the possibility of a rebound from here. The lower edge of the triangle has turned from support to resistance
Let's take a look👀
🤜If you like my analysis, please like💖 and share💬
BTCUSDT.P Trade closed manually
#BTC
Since our entry point was not ideal, we have exited near the cost price.
If you only executed the second entry point, you would have a profit of $1,000 and can reduce your holdings by 30%.
Note
#BTC
The development is not as expected, and the support near the turning point has not been stabilized, so our long orders have been completely withdrawn near the cost price. For new long orders, we must wait patiently for the stabilization after breaking through the downward trend line before entering, or observe whether the support area 84000-86000 can build a reversal structure of the same cycle to decide whether to participate in new long transactions.
If it falls below the support area of 84000-86000 and does not recover quickly, it means that a bigger decline is coming, because there is no K-line dense area between 84000-72000, which means that the support is lost, so new long transactions need to be cautious enough. Because it is close to the support area, chasing shorts is also not advisable. Keeping more patience to protect your funds may be the most important thing at the moment.
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⚡️Timely updates and VIP consultation on Telegram: 👇
t.me/+9dh7Ug_iQ2lkMmM0
🔥20% transaction fee discoun🔥
👇Referral code👇
👇BITGET 👇
wolf20
👇BYBIT 👇
WOLFKING
👇BINANCE👇
O3D948JZ
t.me/+9dh7Ug_iQ2lkMmM0
🔥20% transaction fee discoun🔥
👇Referral code👇
👇BITGET 👇
wolf20
👇BYBIT 👇
WOLFKING
👇BINANCE👇
O3D948JZ
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.