👉 As I predicted earlier, $BTC has hit $85K. I strongly advised everyone not to short $BTC , and I hope that helped many avoid losses.
Currently, BTC is showing a #CME gap at the marked zone. However, a CME gap does not mean you should short. These gaps can be filled at any time, so it's not necessarily a valid reason to short $BTC .
For now, allow #BTC to move sideways. Once this consolidation phase is over, we can expect further upward movement.
High leverage isn't your friend. Sure, it can bring in fast returns, but it also adds serious risk—especially in this wild, volatile market where we’ll likely see massive pumps and dumps.
Here's my take: 🔹 Divide your capital 50-50 between spot and futures. This way, you've got one foot grounded in spot, while the other can dip into the futures action. 🔹 Lower leverage = lower stress. It keeps you in the game longer and helps avoid the dreaded liquidation that wipes accounts fast.
Key Observations: * Short-Term Bullish Momentum: The recent price action has shown short-term bullish momentum, with the price trading above the 7-day and 25-day Moving Averages (MAs).
* Longer-Term Resistance: However, the price is still below the 99-day and 200-day MAs, indicating a longer-term bearish bias.
* RSI: The Relative Strength Index (RSI) suggests the market is neither overbought nor oversold, but the decreasing RSI values might signal weakening momentum.
* Volume: High trading volume indicates increased volatility and potential for rapid price swings.
Potential Scenarios: * Resistance Test: If the price approaches the $77,200 resistance level, it might face selling pressure, potentially leading to a pullback towards the $75,000 support level. * Breaking Resistance: A decisive break above $77,200 with strong volume could signal a continuation of the bullish trend, potentially leading to higher price targets. * Losing Support: If the price breaks below $75,000, the next significant support level is around $72,000.
Conclusion: While the short-term trend for BTC appears bullish, the longer-term picture remains uncertain. The potential for a pullback towards the $75,000 or even $72,000 support levels cannot be ruled out. As always, it's crucial to monitor price action, volume, and broader market sentiment for timely adjustments to your trading strategy. #btcdailyupdate #BTC1D