๐Ÿ“ˆBitcoin: Geopolitical Tensions Impact Market Dynamics๐Ÿšจ

๐Ÿ”Today, we're focusing on Bitcoin, which has formed a range box in the 4-hour timeframe between 63054 and 73305. Following the uptrend from 40k, this consolidation phase is a logical pause, potentially leading to a correction in the weekly timeframe, especially considering the imminent Halving event, which may precede a bullish rally.

โšก๏ธIn range-bound markets, whales often execute buy or sell orders within these ranges. We shouldn't play into the hands of these whales; therefore, it's better to be patient and wait for a breakout above 73305 for a long position, or wait for the candle to close below 63054 for a short position.

๐Ÿ“ŠThe volume of red candles is significantly high, partly due to the sharp decline we witnessed last night following Iran's attack on Israeli soil, causing a 20-40% decline in most altcoins. However, Bitcoin found support at 63054, preventing further decline.

๐Ÿ’ฅThe RSI indicator dipped into oversold territory and bounced back, currently oscillating near the 30 mark. A move into oversold territory coupled with candlestick confirmation could trigger another sharp decline, potentially coinciding with news of further conflict between Iran and Israel.

โšก๏ธThe POC (Point of Control) in the fixed range volume profile was lost last night, with attention now focused on 63054. If this level is breached, Bitcoin could test the 52k range.

๐Ÿ“Finally, it's essential to note that at the onset of a conflict, markets initially experience a downturn as governments aim to increase liquidity. However, Bitcoin tends to appreciate afterward, as individuals in conflict-stricken countries seek to move their assets abroad, making Bitcoin the preferred choice. This could mark the beginning of the 2024 bull run.

๐Ÿง ๐Ÿ’ผIt's important to acknowledge the inherent risks in futures trading, with the potential for margin calls if risk management is neglected. Always adhere to strict capital management principles and utilize stop-loss orders, ensuring that the initial target offers a risk-to-reward ratio of 2
Bitcoin (Cryptocurrency)breakoutBTCUSDTCryptocurrencyFundamental AnalysisTechnical IndicatorsiranisraelpeiceactionTrend AnalysisvolumeanalysisWAR

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