Hope you are fine. So, what do the BTC/USD movements look like. The market has tested 71,838 and could go down further due to the current structure in itself. On the other hand, today BTC/USD should reach up.
1 hour showcases that BTC/AUD has created an excellent structure and is following it. This means that can we expect a Move upto the level of 71,838 area.
If we elaborate on bitcoin then BTC/USD has seen interesting moves of late. The structure that we have in the market after multiple tests of 71,838 is a structural indication downwards. But this is a good signal for today that if the markets open up, it should go to an upper direction.
The essence of the pattern points to possible retest of 71,838 and makes for a strong case in that direction. Entry confirmations... These are essential before you jump into a trade. The most common ones I look out for are the candlestick types or volume spikes that indicate implied volatility in whichever direction an asset is trading and other similar occurrences of price action phenomena.
The level of 71838 is a key one which has been support and resistance in the past it means that at this price traders are going to make different decisions. If the BTC/USD breaks and holds above this level, it could be an early signal for further bullish momentum. On the flipside, if it does not break this level and reverses, we could see another leg lower.
You must watch the market closely before you even do anything and have a clear indication for trading. Some of these signals can be the appearance of a bullish candlestick pattern (e.g. Bullish Engulfing)
In conclusion, new tests of 71.838 area in the past time have created another thought about next decline, Alos and now we can see that analyses point on possible upward movement. Traders need to stay skeptically cautious and wait for the price action or volume confirmation as signs of trading opportunities. If these recommendations are followed, you would increase the likelihood of being able to trade BTC/USD in a means likely more profitable.
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