Current Situation:
BTC has shown resilience in the $60,000 - $61,500 range over the past few days, indicating potential for an upward move. However, there's caution about possible longer-term downside, suggesting the current bounce might be temporary relief.
Technical Indicators:
Watch out for the 12-hour 50 Moving Average (MA), which has acted as resistance for about a month. A breakthrough could signal further upside towards the $65,800 - $68,000 range.
Market Outlook:
Short-Term Strategy: Traders in shorter-term long trades should consider profit-taking if BTC starts rejecting at resistance levels mentioned.
May Trading Dynamics: Traditionally, May has been unfavorable for trading, suggesting potential for continued downside over the next week or two.
ðð Exercise caution and monitor BTC's price movement closely for trade management! #Bitcoin #CryptoAnalysis ðð°
BTC has shown resilience in the $60,000 - $61,500 range over the past few days, indicating potential for an upward move. However, there's caution about possible longer-term downside, suggesting the current bounce might be temporary relief.
Technical Indicators:
Watch out for the 12-hour 50 Moving Average (MA), which has acted as resistance for about a month. A breakthrough could signal further upside towards the $65,800 - $68,000 range.
Market Outlook:
Short-Term Strategy: Traders in shorter-term long trades should consider profit-taking if BTC starts rejecting at resistance levels mentioned.
May Trading Dynamics: Traditionally, May has been unfavorable for trading, suggesting potential for continued downside over the next week or two.
ðð Exercise caution and monitor BTC's price movement closely for trade management! #Bitcoin #CryptoAnalysis ðð°