BITCOIN :- Resistance, Testing, and short

Key Points:

• Bitcoin currently hovers around $40,900, sitting on the lower edge of a sideways trading channel.
  
• A confirmed channel break with strong volume could lead to a retest of $30,391 (previous breakout level).
  
• Wait for price action to consolidate and confirm support at $30,400 before considering long positions.
  

Technical Analysis:

The price resides at the channel's support zone, testing its validity.
A breakdown through $40,900 with increasing volume signifies bearish continuation.
The RSI remains neutral, offering inconclusive momentum signals.

Strategy:

Neutral:

• Observe price action at $40,900.
  
• If a clean break with volume occurs, wait for confirmation of support at $30,400 before entering long positions.
  
• Alternatively, a bounce off $40,900 with rising volume could indicate a potential trend reversal, warranting further observation.
  

Risk Management:

Prioritize risk management with well-placed stop-loss orders.
Adjust your strategy based on confirmed price action and volume patterns.

Disclaimer:

This analysis is for informational purposes only and does not constitute financial advice.
Conduct your own thorough research before making any investment decisions