BTC ON 1 H
Support Level:
The red line is an ascending trendline currently acting as a support level. As the price is close to this line, it is likely to serve as a strong support that could prevent further price decline.
If the price holds above this support line and rebounds upwards, Bitcoin may move towards the next resistance levels, such as 59,583.5 and then 62,137.5.
Risk of Further Decline if the Trendline Breaks:
If the price fails to stay above the trendline and breaks below this support level, there could be a further decline in price. In such a case, Bitcoin might move towards the next support levels at around 58,178.5 or even lower.
Potential for Price Reversal:
The chart shows the formation of a possible W pattern or double bottom. If this pattern completes, it could signal a price reversal to the upside.
This scenario could be an entry signal for a long position, but it should be confirmed by other factors and indicators
The red line is an ascending trendline currently acting as a support level. As the price is close to this line, it is likely to serve as a strong support that could prevent further price decline.
If the price holds above this support line and rebounds upwards, Bitcoin may move towards the next resistance levels, such as 59,583.5 and then 62,137.5.
Risk of Further Decline if the Trendline Breaks:
If the price fails to stay above the trendline and breaks below this support level, there could be a further decline in price. In such a case, Bitcoin might move towards the next support levels at around 58,178.5 or even lower.
Potential for Price Reversal:
The chart shows the formation of a possible W pattern or double bottom. If this pattern completes, it could signal a price reversal to the upside.
This scenario could be an entry signal for a long position, but it should be confirmed by other factors and indicators
Penafian
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