This article has been translated from English to Gen Z Slang.
Yo, Bitcoin's at that "what's gonna happen now?" moment 🤔, testing a level that could be a glow-up zone if it flips the switch on this long-term double top sitch.
Is this the start of a major plot twist, or nah?
Bitcoin (BTC/USD): Daily
Bitcoin (BTC/USD) Daily Chart by TradingView
After flexin' with those fresh all-time highs 🎯, bitcoin tripped as the market got shook by some fresh drama between the U.S. and China. 🥶
Safe-haven vibes had the U.S. dollar lookin' way more chill compared to our high-risk queen, BTC, dragging BTC/USD to some key zones on the daily chart. 🚀
Will our crypto bae keep its head up, or is a long-term downtrend on the way? Stay woke! 👀
Price is chillin' just above S1 ($108,234) which used to be a major wall earlier this year 😬. Support's still lookin' pretty sturdy, but heads up – this area might just be the neckline for a major chart twist.Don't forget, vibes and feels in the market are usually set by the big bosses, aka fundamentals. If you haven't caught up on the latest tea about the U.S. dollar and bitcoin, time to check the economic calendar and stay in the loop with the daily deets!
Keep an eye out for a dip below support that could make bitcoin take a nose dive to S2 ($102,403) then S3 ($97,536), or see a slay that's as tall as the double top setup.
On the flip side 🔄, if we see some reversal candlesticks around these levels, it could bounce back to goals at R1 ($118,932) and R2 ($123,799) near all-time highs. But stay woke for that bull run past this point, could push bitcoin to fresh peaks closer to R3 ($129,630).
No matter the vibe you're trading, don't slack on risk management and keep tabs on major players in the market who could flip the mood!
Disclaimer:
Please be aware that the technical analysis content provided herein is for informational and educational purposes only. It should not be interpreted as trading advice or a signal for a particular bias. 📊 Technical analysis is just one piece of the puzzle in crafting a full trading strategy. The setups discussed are to highlight spots that might be catching the eye of other traders. At the end of the day, all trading moves, risk strategies, and their results are on you. Trade smart, fam! 🚀
This content is strictly for informational purposes only and does not constitute as investment advice. Trading any financial market involves risk. Please read our Risk Disclosure to make sure you understand the risks involved.