TradeCityPro | Bitcoin Daily Analysis #184

👋 Welcome to TradeCity Pro!
Let's go over the Bitcoin analysis. Yesterday, the price got rejected from a resistance zone, and today, it has started a corrective downward movement. Let's review the market together.

⏳ 1-Hour Timeframe
Yesterday, after the price reached the resistance zone, I mentioned that if the RSI exits the Overbuy zone, we could take profits.

📊 This is exactly what happened. After the price was rejected from the zone, the RSI moved out of the Overbuy zone and started heading downward.

⭐ Currently, the price correction has continued towards the 0.382 Fibonacci level. The trading volume during this correction has not decreased, which indicates that sellers are still active in the market, and their trading volume is not significantly lower than buyers.

🎲 If the price continues its correction and the volume increases at the same rate, the likelihood of a trend reversal and the start of a new downward trend becomes much higher. However, if the volume decreases simultaneously with the correction, the range between the 0.5 and 0.618 Fibonacci levels will be a very important support zone, and the price could find support there.

🔼 For a long position, the trigger we currently have is the breakout of the resistance zone. If we wait for the price to touch this zone a few more times, we can draw the exact numbers for the range and open our position upon its breakout.

⚡️ For a short position, it's better to wait and get confirmation of a bearish trend before looking for triggers. We will confirm the bearish trend if the selling volume increases and lower highs and lows are made.

❌ Disclaimer ❌
Trading futures is highly risky and dangerous. If you're not an expert, these triggers may not be suitable for you. You should first learn risk and capital management. You can also use the educational content from this channel.

Finally, these triggers reflect my personal opinions on price action, and the market may move completely against this analysis. So, do your own research before opening any position.