Key Takeaways:
Bullish Market Signs: BTC/USD shows recovery signs with a key target at $45,066. Recent bullish engulfing patterns indicate potential reversal from the downtrend.External Influences Impacting Crypto: Geopolitical tensions and the SEC's recent approval of Bitcoin spot ETFs are significant external factors influencing cryptocurrency market dynamics.Technical Indicators Suggest Caution: Despite bullish trends, overbought conditions signaled by RSI above 70, and the price's position between key moving averages, suggest potential for short-term consolidation or pullback.Market Sentiment: Current sentiment is predominantly bullish, with a 69% bullish vs. 31% bearish ratio.
Weekly Pivot Points:
Resistance Levels: WR3 - $43,322, WR2 - $42,704, WR1 - $42,336Pivot Point: $42,085Support Levels: WS1 - $41,718, WS2 - $41,465, WS3 - $40,898Bullish Scenario:
Continuation of Bullish Trend: A sustained break above the 100-period EMA could signal further bullish momentum.RSI Trends: An RSI remaining high could indicate continued bullish strength.Bearish Scenario:
RSI Reversal: A downward RSI trend could signal an impending price correction.Price Rejection at EMA: Failure to hold above the 100-period EMA could indicate bearish momentum.Conclusion: The BTC/USD market presents a complex picture, with bullish signals countered by geopolitical uncertainties and potential overbought conditions. The market's direction may hinge on how these factors play out in the coming days.
Useful LinksMore ArtclesInstaForex Course for BeginnersOpen Trading AccountImportant NoticeThe begginers in forex trading need to be very careful when making decisions about entering the market. Before the release of important reports, it is best to stay out of the market to avoid being caught in sharp market fluctuations due to increased volatility. If you decide to trade during the news release, then always place stop orders to minimize losses.
Without placing stop orders, you can very quickly lose your entire deposit, especially if you do not use money management and trade large volumes. For successful trading, you need to have a clear trading plan and stay focues and disciplined. Spontaneous trading decision based on the current market situation is an inherently losing strategy for a scalper or daytrader.
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