UseTheBitcoin Market Update (BTC) | June 18th, 2024

Let’s examine the insights shared by our Technical Analyst at UseTheBitcoin as he walks us through his personal trading approach and observations on Bitcoin (BTC).

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Bitcoin is currently making significant movements in the market, with prices attempting to reach the $65,000 to $64,000 range today. This range is crucial because it has historically served as a major support and resistance level for Bitcoin, making it a key area to watch. Revisiting these levels could provide valuable insights into future price action.

Technical Indicators And Analysis

The $65,000 to $64,000 range is pivotal due to its historical significance. Previous price movements have shown that these levels act as strong psychological barriers, influencing buying and selling behaviors.

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Furthermore, on the 4-hour chart, the RSI indicates an upward trend despite the falling prices. This positive divergence often precedes a trend reversal, hinting at a potential increase in Bitcoin’s price soon.

Investment Strategy

Given these indicators, I am choosing to buy more Bitcoin while it is still below the $70,000 level, which I consider a reasonable price. My strategy is long-term, focusing on accumulating Bitcoin whenever there is an opportunity in the market. This approach allows me to capitalize on lower prices and potential future growth.

Final Thoughts

In conclusion, Bitcoin’s attempt to revisit the $65,000 to $64,000 range is a critical point for traders and investors. The observed RSI divergence on the 4-hour chart suggests a possible trend reversal, making it an opportune time to consider buying. However, always trade at your own risk and make informed decisions based on comprehensive research and analysis.

For more in-depth technical analysis like this one, make sure to subscribe and hit the notification bell on UseTheBitcoin’s YouTube channel. We post daily videos covering the crypto markets, so don’t miss out!

Via: 2Usethebitcoin.com

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