๐ Current Situation:
Price Rejection: Bitcoin (BTC) faced rejection at the $71,500 level and has initiated a retracement.
Support Zone: Presently, BTC is trading within the $64,000 - $65,700 support area, indicating potential downside pressure.
Upcoming Event: The BTC halving is scheduled in 18 days, historically associated with market corrections preceding the event.
๐ก Analysis and Strategy:
Potential Downside: Considering the recent rejection and historical patterns around halving events, further downside movement is anticipated.
Key Support Levels: Watch support levels at $61,000, $57,000, and $53,000, which may act as significant price levels during the retracement.
Long Trades: Long trades should be approached cautiously, with a preference for stability on higher time frames before considering entry.
Price Rejection: Bitcoin (BTC) faced rejection at the $71,500 level and has initiated a retracement.
Support Zone: Presently, BTC is trading within the $64,000 - $65,700 support area, indicating potential downside pressure.
Upcoming Event: The BTC halving is scheduled in 18 days, historically associated with market corrections preceding the event.
๐ก Analysis and Strategy:
Potential Downside: Considering the recent rejection and historical patterns around halving events, further downside movement is anticipated.
Key Support Levels: Watch support levels at $61,000, $57,000, and $53,000, which may act as significant price levels during the retracement.
Long Trades: Long trades should be approached cautiously, with a preference for stability on higher time frames before considering entry.
