*Bitcoin ($BTC ) Analysis*👀🤑🚨
*Previous Target Achieved*
Our previous target for BTC has been accurately achieved, reaching $67,200.
*Market Analysis*
When the market was at $54,400, we entered a short-term bullish momentum for at least 2 days, reaching $58,000. We then posted an update that we would reach $61,400.
*Importance of Understanding Market Analysis*
It's essential to understand how the market works and analyze the details to avoid harming your portfolio. We share our analysis for free, but it's crucial to comprehend the market's dynamics.
*Market Movement*
The market recovered well, but we are still not in a safe zone. We can only research fundamentals, implement technical skills, and utilize our experience in the financial market to attain our targets.
*Resistance Levels*
If we can resist above $62,760 for at least 1 hour, we will easily recover to $64,300. Our first target price (TP) would be $63,400.
*Confirmation of Break*
If BTC holds the position at $64,300, we can get confirmation of a break above $67,300 (which can take one hour or a week). Please note that we are still in a long-term bearish cycle, which will not end even at $67,300.
*Psychological Resistance Level*
The psychological resistance level is $65,000, but we don't consider this as the technical resistance level of BTC is $64,300, which is a highly volatile zone.
*Correction*
If we are unable to resist the market, it will take a huge correction directly from $64,300 to $61,300. As we always share details for the worst-case scenario, $61,400 is the local support. Breaking that support, the first buy would be at $59,400, and staying 1 session below that level means we will drop down more to $56,800, which is the last major crucial support.
*Conclusion*
We hope we have explained all the details in a precise form. Please trade safe and take entries only after confirmation.
