Btcusdlong
Bitcoin back to 30K soonBitcoin just retested its all time high range and recorded an inverted hammer in the supply zone (Weekly). Clear distribution is seen in lower timeframes like 4 hours and 1 hour; many patterns are identified. If these patterns were identified without the weekly inverted hammer, then we can consider long. But in this case, its clear indication of distribution.
The script soon would test 58300 (CMP 61100) ranges and again can bounce back to 61500 ranges. This can form a triangle pattern.
When that pattern is broken downside, the immediate support will be 48000 to 52000. If that is broken, 28000 ranges could be seen.
💡Don't miss the great buy opportunity in BTCUSD @BitcoinTrading suggestion:
". There is a possibility of temporary retracement to the suggested support line (59488.35).
. if so, traders can set orders based on Price Action and expect to reach short-term targets."
Technical analysis:
. BTCUSD is in a range bound, and the beginning of an uptrend is expected.
. The price is above the 21-Day WEMA, which acts as a dynamic support.
. The RSI is at 68.
Take Profits:
TP1= @ 61212.25
TP2= @ 62184.77
TP3= @ 63717.33
TP4= @ 64977.46
TP5= @ 66968.48
SL= Break below S2
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BTC/USDT 4 HOUR ANALYSISWelcome to this quick update, everyone.
If you are reading my updates for the first time do follow me to get more complex charts in a very simplified way.
I also post altcoin setups on Spot, Margin, and Futures .
I have tried my best to bring the best possible outcome in this chart .
BTC is still at the 2 support level we expect a bounce from this level. In case if Breaking down below $60k will be a red alarm for the market.
Let see how 4 hour candle close.
What's your thought on this?
Do hit the like button if you like this update and share your views in the comment section.
Thank you
#PEACE






















