In this market overview, we’ll be taking a closer look at the Bitcoin coin, analyzing its potential movement scenarios, important levels, and profit potential. Following significant news related to cryptocurrency, which I’ve provided a link to below, all cryptocurrencies have fallen by 6-10%. As such, it’s crucial to pay attention to what’s going on and what action to take.
First and foremost, let’s talk about the $28,500-$28,600 level, which has served as significant resistance, preventing prices from rising. However, after breaking through this level on 10/04/2023, it’s now functioning as support, which will prevent a drop below it. It’s important to note that there are a significant number of buyers at this level.
Now let’s explore possible scenarios for further price declines.
1 scenario – the price drops to $28,600-$28,500, after which it will turn around and continue moving within the channel towards the next resistance zone at $30,400.
2 scenariosees – the price breaking through the $28,600-$28,500 level and consolidating below it, leading to a price drop to $26,900-$27,000.
As a broker, I recommend that you keep a close eye on the market and take advantage of the current situation by taking a well-informed, calculated approach to trading. Remember to manage your risk effectively, use stop-loss orders and position sizing, and keep a detailed trading journal. By doing so, you’ll be better positioned to navigate the market and capitalize on potential opportunities for profit.
