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Chart Analysis
Trading Pair: Bitcoin/US Dollar (BTC/USD)
Timeframe: 4-Hour
Exchange: Binance
Market Overview
- Current Price: $60,604.17
- High: $61,289.39
- Low: $60,591.78
Trend Analysis
The chart shows a recent bullish movement with a subsequent correction. The price rose from the low of around $51,200 to a high of nearly $67,000, forming higher highs and higher lows, indicating an uptrend.
Indicators
- The price shows a significant pull-back around the $66,000 area, indicating a possible resistance zone.
- The support level can be observed around $60,000.
Conclusion
The market currently shows a bearish retracement after a bullish move, as the price has broken below the recent support of $61,000.
Trading Strategy
- Entry: Consider entering a long position near the support level of $60,000.
- Stop-Loss: Place a stop-loss below $59,000 to mitigate risk.
- Take Profit: Target the previous high at $67,000 for potential profit.
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