BTC very important detailled UPDATE.
Support Area*: Bitcoin is finding support around $81,200.
- *Positive Sentiment*: The market is showing a positive sentiment, potentially driven by the China-US trade deal and pressure on the Fed for rate cuts.
- *On-Chain Data*: Big players are continuously accumulating Bitcoin.
*Key Support and Resistance Levels*
- *Main Support*: $81,240 and $76,000.
- *Target Zone*: $88,800, with potential rejections.
- *Key Level for Bullish Moves*: $90,000 and $95,000.
*Market Outlook*
- *Bottom Confirmation*: A daily candle close above $81,240 could confirm the bottom.
- *Altcoin Market*: Depends on the movement of ETH and BTC dominance.
- *BTC Dominance*: Currently at an all-time high, which might impact altcoin performance.
*Investment Strategy*
- *Accumulation*: Recommended in spot and in parts, given the current market conditions.
Personal Opinion.
As bullish as some people are getting
BTC is still currently in a downtrend.
Trendlines are subjective - people draw them in all different ways - some use Log mode, others Linear mode, some use wicks and others use candle bodies, some use a combination of wicks and bodies.
I draw my trendlines like I draw my support/resistance zones - a zone as opposed to a single line.
To me - price action remains within my downtrend zone.
A Daily close above $85.5k would confirm a breakout from the downtrend.
But my key levels remain the EQ of the range ($92k) and flipping the key pivot point ($95k). Above $95k and I flip from bearish risk to bullish bias.
