BTCUSDT.4H
Bitcoin's price trajectory has recently taken it into its weekly supply range, situated between $31,000 and $32,500. The price has responded with volatility within this specific zone, breaking free from the constraints of its preceding one-month range. More specifically, the daily close settled below the psychologically significant level of $30,000, indicating a potential shift in market sentiment and trend direction.
In the event of a price retracement back to the $31,000 region, close attention must be paid to the behavior of sellers. Should we see evidence of increased selling pressure, we could expect a further decline in price, prompting us to align ourselves with this bearish sentiment and consider selling.
Simultaneously, we're observing the emergence of a support range spanning from $28,000 to $28,500. The price appears to be moving towards this zone, triggering expectations of a potential price rebound. Should this scenario unfold, an increase of $1,000 to $1,500 in response to this zone would not be an unlikely outcome.
However, should Bitcoin's price fail to hold this support range, we anticipate the next area of substantial support to be found between $26,300 and $26,700. This region could serve as a crucial line of defense against further price deterioration.
Worth noting is the recent upward momentum exhibited by Bitcoin within its trading channel. This bullish activity, combined with the completion of a previous movement phase, provides a promising backdrop for potential future price advancements. Consequently, should we see a resurgence of demand in the support zones, we would consider buying, with an intermediate-term price target ranging from $35,000 to $36,750. This strategy will be employed in hopes of capitalizing on Bitcoin's potential for recovery and further upside movement.
In the event of a price retracement back to the $31,000 region, close attention must be paid to the behavior of sellers. Should we see evidence of increased selling pressure, we could expect a further decline in price, prompting us to align ourselves with this bearish sentiment and consider selling.
Simultaneously, we're observing the emergence of a support range spanning from $28,000 to $28,500. The price appears to be moving towards this zone, triggering expectations of a potential price rebound. Should this scenario unfold, an increase of $1,000 to $1,500 in response to this zone would not be an unlikely outcome.
However, should Bitcoin's price fail to hold this support range, we anticipate the next area of substantial support to be found between $26,300 and $26,700. This region could serve as a crucial line of defense against further price deterioration.
Worth noting is the recent upward momentum exhibited by Bitcoin within its trading channel. This bullish activity, combined with the completion of a previous movement phase, provides a promising backdrop for potential future price advancements. Consequently, should we see a resurgence of demand in the support zones, we would consider buying, with an intermediate-term price target ranging from $35,000 to $36,750. This strategy will be employed in hopes of capitalizing on Bitcoin's potential for recovery and further upside movement.
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