BTC#14: Bitcoin Is Resurgent? Bulls Are Back or Just a Scam?💎 💎 💎 As analyzed in the previous article, BTC tested the trendline and then turned down. However, the price did not fall too much and we saw a recovery. Let's plan BINANCE:BTCUSDT the next trade 💎 💎 💎
1️⃣ **Fundamental analysis:**
📊 The US dollar index DXY is up more than 0.50% on the day and is currently at 108.40; US regulators are piloting tokenization, using stablecoins as collateral.
🔹The Texas Bitcoin Reserve Act has been submitted to the Senate Finance Committee for consideration;
🔹US Senator from Florida proposes Bitcoin investment bill.
🔹 New bill in Montana, USA allows investment of up to $50 million in Bitcoin;
🚀 Standard Chartered Bank: Bitcoin expected to break record high as US Treasury market environment is favorable for digital assets.
📌 Overall policy implications for Bitcoin have restored optimism to the market.
2️⃣ **Technical analysis:**
🔹 **D Frame**: A green pinbar appeared at the end of the week, bringing positive signals to the market. The current price line is also supportive as the price breaks above the candle wick top.
🔹 **H4 frame**: Although the downtrend has not been broken, the 96K area is still acting as an important support zone. 2 pinbars are a clear sign that we will see a recovery for BINANCE:BTCUSD
🔹 **H1 frame**: The temporary downtrend price structure has been broken. However, the resistance zone of 98k - 100k is also very close.
3️⃣ **Trading plan:*
⛔ The current SW zone has been maintained for quite a long time. We will need to wait for clarity on the price line because the downtrend price structure in the H4 frame has not been broken yet
✅ Currently, looking at the positive price reaction for this area, the market is leaning more towards the bulls. However, establishing a BUY position at this time is riskier. We can wait for the price structure as on the H1 chart to choose a position.
💪 **Good luck trading!**
