Hey Binance fam! š Let's dive into the latest BTCUSD chart insights and see what the technicals are telling us.
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š Current Market Overview
As of now, Bitcoin (BTC) is trading at $104,932, showing a modest increase of 0.01677% from the previous close. The day's trading range has seen a high of $105,238 and a low of $103,182.
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š Technical Analysis Highlights
A recent analysis on TradingView suggests that Bitcoin's price couldn't retrace to the first broken structure. If it doesn't respect the current supply zone, we might see it hitting the next supply level or continuing its downward movement.
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š Key Levels to Watch
Support Zone: If BTC respects the current supply zone, we could see a bounce back.
Resistance Zone: Failure to hold might lead BTC to test the next supply level.
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š§ Trading Strategy Tips
For Bulls: Look for confirmation of support holding before entering long positions.
For Bears: Watch for signs of weakness at the supply zone to consider short positions.
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š£ Final Thoughts
Bitcoin's price action is at a critical juncture. Traders should stay alert and watch for key support and resistance levels to determine the next move.
Stay safe and trade smart! š¹
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*Disclaimer: This analysis is for informational purposes only and does not constitute financial advice. Always conduct your own research before making trading decisions.*