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Bitcoin Sunday Analysis
I am looking at Bitcoin. It is trading in a major support area. This is an area where people have bought Bitcoin in the past. The price of Bitcoin is starting to calm down. We do not know for sure if the trend is going to change.
For now the plan is simple: pay attention to the support trade within the range. Do not try to make a lot of money quickly. The price of Bitcoin went up a bit. It may not be a sign that the price will keep going up. It could just be a bounce.
If we look at the numbers the 68K–72K area is important. If Bitcoin gets to this area people may try to sell it which could bring the price down. Until we see what happens in this area we have to be careful.
If you are buying Bitcoin it is an idea to buy it when the price is between 54K and 60K. Then you can sell it when the price gets higher. If you are trading Bitcoin you should watch the price closely when it gets to the resistance area.
My thoughts on Bitcoin have not changed. I think the price will keep going down a lot. We may need to see one more big drop before the price starts going up again. This is what has happened in the past when the market was bad.
Some people are watching companies like Strategy MSTR because they own a lot of Bitcoin. If the price of Bitcoin goes down these companies may have problems, which could affect how people feel about the market.
For now we need to be patient and make decisions. The next few months will be good, for traders who're flexible pay attention to the numbers and do not make emotional decisions.
#Bitcoin #TechnicalAnalysis #Trading $BTC @Gate_Square