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Bitcoin Analysis
Support and Resistance Levels:Major Support: The 61,000 to 62,000 level is a strong support level where the price has bounced several times in the past. If this level is broken, there could be a downward move towards 58,000 or lowerMajor Resistance: The 65,000 level is an important resistance, and if broken with strong momentum, it could signal the start of a new upward move2. Trend Indicators (Moving Averages):50-Day Moving Average (MA50): If the price is above it, it reflects that the uptrend is still strong, and it can be used as a moving support level
3. Relative Strength Index (RSI):
The current RSI is showing in a neutral range around 50. If it rises above 70, the market can be considered overbought, and there could be a bearish reversal. If it falls below 30, it means oversold and a buying opportunity
Monitoring the volume can give an idea of the strength of the moves. High volume with strong price movements reinforces the validity of the trend. If the volume increases significantly when the resistance level is broken (such as 65,000), it may be a good signal to enter a buy trade
Entry Strategy Buy trades: Enter when the resistance level of 65,000 is broken, provided that the breakout is confirmed with strong trading volume Sell trades: If the level of 61,000 is broken, a sell trade can be entered with the aim of reaching the lower levels at 58,000 or 56,000
Conclusion
Entering a buy trade when breaking 65,000
Entering a sell trade when breaking 61,000
