$BTC

Hey Binance Square Family! šŸ‘‹

Bitcoin (BTC) is currently trading at $104,594, experiencing a slight decline of 0.86% for the day.

Let's delve into the possible scenarios that could shape BTC's next move:

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šŸ” Technical Overview

Current Price Action:

BTC is consolidating around $104,500, sitting right on a short-term ascending trendline.

Key Supply Zones:

1. OB 1H: $107,800 ā€“ $108,600

2. OB 4H: $106,100 ā€“ $107,500

3. Upper OB 1H: $110,700 ā€“ $111,400

Key Demand Zones:

1. FVG 1H: $103,900 ā€“ $104,300

2. Lower FVG 1H: $99,900 ā€“ $100,700

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šŸ“ˆ Possible Scenarios

1. Bullish Bounce: If BTC bounces from the current trendline and FVG zone, it could move toward the OB 4H zone ($106,100 ā€“ $107,500).

2. Bearish Breakdown: A break below the trendline may lead to a deeper pullback into the $100K zone.

3. Bullish Breakout: A breakout above the OB 4H zone could target the next resistance at $108,600 and above.

Note: Wait for confirmation before making any trading decisions, as price action is at a critical decision point.

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šŸ§  Market Sentiment

Bitcoin has maintained its position above the $100,000 mark for over 25 consecutive days, indicating potential bullish momentum.

However, recent price action shows a slight retreat from May's record high of over $111,000, suggesting caution among investors.

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āš ļø Risk Management Tips

1. Set Stop-Loss Orders: To protect against unexpected moves, consider setting stop-loss orders just below key support levels.

2. Monitor Volume: Volume spikes can confirm breakouts or breakdowns. Keep an eye on trading volume for confirmation.

3. Stay Informed: Regularly check for updates on market trends and technical indicators to make informed decisions.

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šŸ“Š Final Thoughts

BTC is at a pivotal point, with potential for significant moves in either direction. Traders should exercise caution, wait for clear confirmations, and manage risk appropriately.

*Disclaimer: This analysis is for informational purposes only and does not constitute financial advice. Always conduct your own research before making trading decisions.*