We are still running on bitcoin longs and are looking to stack buys on further retraces. The market is choppy right now and is being held at a solid strong support priced at 43850. We will buy slightly below the support level as it will be hunting level. The market on the higher timeframes is still bullish and formation of higher highs and higher lows.

The ascending trendline may retest the price action at the support level to form a confluence.

The retracement level of 61.8% is in confluence with the support level at the stop hunt.

The EMA 50 is bullish right now. At the forefron of the run up, we may see a retest at the support level to form a confluence with already formed trendline support one.

RSI is at 84. It needs to dwell towards the neutralized level of 50 in order to attain the alignment with the technical parameters.

Bitcoin testing previous highs

Feb 11 2024

Pending

Published 209d ago

54024.74

Current price

43896.07

Entry price