#BTCMove
BTC update
1. Bitcoin has been trading in a tight range for the last 4 days, between $93,000 and $95,800.
2. The daily EMA50 is a major support level, and if Bitcoin closes below it, the support will be broken.
3. The 3-day MA25 support is at $93,800 and has provided a bounce.
4. The next support level is EMA25, which is at $91,000.
5. A Head and Shoulder pattern is forming on the 1-day timeframe, indicating a potential correction.
*Market Analysis*
- Bitcoin's tight range indicates a consolidation phase, and a breakout or breakdown is expected soon.
- The daily EMA50 and 3-day MA25 support levels are crucial for maintaining the current price level.
- The Head and Shoulder pattern suggests a potential correction, which could lead to a price drop.
*Technical Analysis*
- _Support Levels_: EMA50, MA25 ($93,800), and EMA25 ($91,000) are key support levels to watch.
- _Resistance Levels_: The upper bound of the tight range ($95,800) is a resistance level.
- _Chart Patterns_: The Head and Shoulder pattern on the 1-day timeframe indicates a potential correction.
*Trading Recommendations*
- _Avoid Leverage Trading_: Avoid using leverage for trading until the correction plays out.
- _Scalping_: If scalping, use stop-loss and don't hold trades for long.
- _Portfolio Allocation_: Use 1% portfolio allocation with tight stop-loss.
- _Spot Buying_: Buy slowly and in a step-by-step manner only at weekly supports.
