Dear colleagues, I welcome you!
Today, I would like to dedicate some time to discuss an interesting and relevant topic related to the Bitcoin cryptocurrency. As you may have noticed in my previous review conducted on April 24, 2023, I alerted everyone to a significant and noteworthy event, namely the discovery of a strong and stable support level for Bitcoin, which stood at an astonishing $27,000. Furthermore, I would like to emphasize and draw your attention to the fact that if the price fails to surpass this crucial threshold, we can expect some minor yet noticeable upward movement towards the $30,000 mark per coin.
If you haven’t had the chance to read the previous review, I highly recommend starting with it to gain a comprehensive understanding of the current situation.
Bitcoin trading idea from 04/24/2023 is here.
Let’s get started! First and foremost, it is worth paying attention to the horizontal support line that has so far prevented a Bitcoin price collapse and has been supporting it for the past three months. In the previous review, I warned everyone that if the price fails to break the crucial level of $26,900, we might see a small upward movement towards the $30,000 mark per coin. On the chart, we can see that there was an upward movement towards the $30,000 mark, but the price did not surpass the previous high, and a resistance line has emerged, constraining the price within a local triangle. In turn, the breakout of either a support or resistance line could lead to a strong movement. There may be further attempts to break the resistance line, and the price may move towards the price range of $28,000. However, it is only appropriate to talk about a bullish trend once the price consolidates above $30,000.
What to do?
1.Main Scenario: The price will continue to move along the horizontal support line, attempting to break the resistance line that is pressing from above, until it reaches the global support line of the ascending channel.
2.Scenario: The price breaks the horizontal support line and starts moving downwards towards the $25,000 mark. Opening a short position is only advisable once the price firmly establishes below the horizontal support line on daily candles.
3.Scenario: The price breaks the upper resistance line, consolidates above it, and opens a movement towards the median line of the global channel, reaching the $30,600 mark. It is important to note that this is the local highest price in the past year.
By analyzing these scenarios, traders can make informed decisions regarding their actions in the Bitcoin market, taking into account the current situation and potential prospects. It is crucial to monitor price dynamics and gather additional information to make sound decisions in their investment strategy.
