This article has been translated from English to Gen Z Slang.
Yo, Bitcoin just did a lil' retreat after flexing on its all-time highs, but it seems like the bulls ain't done yet. 🚀 Looks like an ascending triangle is making its debut.
Peep these support zones, fam! 👀
Bitcoin (BTC/USD): 4-hour
Bitcoin (BTC/USD) 4-hour Forex Chart by TradingView
Our boi Bitcoin's been crafting higher lows since July, but it’s bumping up against a brick wall near R1 ($121,527). Probably ‘cause some bulls cashed out when they hit those record highs. 💸
We might see the price take a chill pill at those near-term support levels, with more buyers gearing up to jump in the uptrend vibes. 🤞
Or is a triangle breakdown gonna surprise us next? 🤔
Yo, remember that what really moves market price is those fundies! If you haven’t done your Bitcoin and U.S. dollar homework yet, hit up the economic calendar and check out the daily fundamental news to stay woke! 📚🔍
BTC/USD is creeping up on the floor near the pivot point ($117,093), which is giving church vibes with the dynamic support at the moving averages. The 100 SMA just slid under the 200 SMA, hinting at bears getting a lil’ bit more lit. 👀
Stay woke for a slide under the triangle bottom and S1 ($114,877), which could signal a potential downtrend stretching as far as the chart says, dragging Bitcoin down to S2 ($110,443), then S3 ($108,227). 📉
On the flip side, a bounce off the triangle support or close support zones could trigger another ride to the top, smashing through all-time highs to R2 ($123,743), then R3 ($128,177). 🔝 Keep your eyes peeled for the hyped-up U.S. CPI report for some spicy dollar direction. 📈
Whatever you're vibing with, remember to flex your risk management skills and stay alert to the top-tier catalysts that could shake things up! 😎💪
Disclaimer:
Heads up, fam! This tech analysis is all about spreading knowledge, not telling you exactly how to play the game. It's just one piece of the trading puzzle. Study up, make moves wisely, and handle your biz responsibly. 🧠✌️
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.