BTC/USD Analysis: Seeking Support Amid Short-Term Bearish Signal
Hello Everyone,
The lowest point for BTC/USD in the past month was recorded at 40508.01, and there are indications of a potential retest before a sustained upward movement, with the possibility of extending to 38228.098 until it reaches a solid monthly support level. The overall trend is bullish on higher timeframes as anticipated, while on lower timeframes, it appears to be neutral to bearish. Currently, the cryptocurrency is seeking support and may continue to decline until it establishes the necessary support.
Analysis of 1-hour to 1-day timeframes confirms the short-term bearish direction for BTC/USD. In contrast, overbought conditions persist on longer timeframes ranging from 1 week to 1 year. The monthly pivot point (PP) and weekly PP are pivotal in this situation, and maintaining a position above 41635.437 could pave the way for upside movement towards the weekly PP at 44462.197. This holds true for both the monthly and weekly PP, with a confident position above them potentially leading to further upward momentum.
It is crucial to stay informed about USD-related news as it can provide valuable insights into the overall market direction. Monitoring these factors will be essential for gaining a comprehensive understanding of BTC/USD's future movements.
If you have a moment, I'd really appreciate your boost for my analysis. Your input would be truly valuable.
TradeWithTheTrend3344
The lowest point for BTC/USD in the past month was recorded at 40508.01, and there are indications of a potential retest before a sustained upward movement, with the possibility of extending to 38228.098 until it reaches a solid monthly support level. The overall trend is bullish on higher timeframes as anticipated, while on lower timeframes, it appears to be neutral to bearish. Currently, the cryptocurrency is seeking support and may continue to decline until it establishes the necessary support.
Analysis of 1-hour to 1-day timeframes confirms the short-term bearish direction for BTC/USD. In contrast, overbought conditions persist on longer timeframes ranging from 1 week to 1 year. The monthly pivot point (PP) and weekly PP are pivotal in this situation, and maintaining a position above 41635.437 could pave the way for upside movement towards the weekly PP at 44462.197. This holds true for both the monthly and weekly PP, with a confident position above them potentially leading to further upward momentum.
It is crucial to stay informed about USD-related news as it can provide valuable insights into the overall market direction. Monitoring these factors will be essential for gaining a comprehensive understanding of BTC/USD's future movements.
If you have a moment, I'd really appreciate your boost for my analysis. Your input would be truly valuable.
TradeWithTheTrend3344