Bitcoin technical analysis in this simple 4h chart

BTCUSD chart and technical analysis – watch these key levels

Bitcoin trading analysis: key points and strategies 🤑📉📈

Bulls‘ strategy: 📈

• Breakout from yellow bull flag:
  • Target Point 1: Around $59,850.
  • Target Point 2: If Point 1 is breached, aim for approximately $62,000 (anchored VWAP from 22 Jan 2024).
• Bullish scenario:
  • Watch for a breakout without a pullback at Point 1.
  • Successful breakout leads to next resistance at $62,000.

Bears‘ strategy: 📉

• First lower standard deviation test:
  • Bears aim for a test around $53,750 (first lower standard deviation of anchored VWAP).
• Psychological $50k level:
  • Significant liquidity below the $50K mark.
  • Key Point: Potential for stops being hit below $50K, triggering more selling pressure.
• Bottom band reversal:
  • Watch for price action around $48,850, where previous long positions were stopped out.
  • Potential reversal point at the bottom band of the yellow channel.

Recommendations for traders: 💡💰

• Shorting opportunity:
  • Consider shorting at Point 2 if the price reaches around $62,000.
• Long position:
  • Look for buying opportunities below the $50K mark, especially around $48,500.

Important note:

• Trade at your own risk!
  • Always manage your risk and consider the market conditions before entering any trades.

Stay updated:

• Visit ForexLive.com for the latest market analysis and updates.

Happy trading! 🚀📊

This article was written by Itai Levitan at www.forexlive.com.