Bitcoin shows signs of exhaustion on D1 [short term].
In the previous analysis, I recommended a Long position for Bitcoin, and it performed well initially. However, as time passed, the buying side exhibited decreasing strength, and the Bull momentum diminished significantly.
At present, at the very least, BTC needs to break through the previous high. Therefore, we should stick to the Bull trend in the short term.
In the medium term, there might be a strong Pullback within the weekly timeframe. This is not certain, and instead of speculating, we should wait for BTC to react to the previous high to assess the situation more objectively.
WHAT A WISE TRADER DO?
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At present, at the very least, BTC needs to break through the previous high. Therefore, we should stick to the Bull trend in the short term.
In the medium term, there might be a strong Pullback within the weekly timeframe. This is not certain, and instead of speculating, we should wait for BTC to react to the previous high to assess the situation more objectively.
WHAT A WISE TRADER DO?
- If you're holding a Long position: Move the stop loss to a safe point to preserve profits.
- If you're holding a Short position: Uhm... set the stop loss carefully.
- If you haven't done anything yet? Be cautous, but eyes on the Long position
........
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Wish us all Wealth and Prosperity
