What levels are worth buying BTC? 📏

24 апр. 2023 г.

Bitcoin closed last week at lows.
The weekly candlestick closed negatively for Bitcoin, forming a bearish engulfing candlestick pattern.
We have repeatedly said that we are unlikely to break through the 30 000$ mark the first time.
As a result, as you can see on the chart, the price bounces down from this level.

🔎 On the weekly timeframe, indicators have left the overbought zone, but are still at high levels. On the daily chart, the indicators have already gone into the neutral zone. That is, according to the indicators, there is still a potential for decline.

Now the magnet for the price is the 22500-24300$ zone, where the 24300$ level, the long-term MA200w, the 2021-2022 downtrend line and the profile volume zone act as support.
In this zone, it is worth considering medium-long-term purchases.
Please note that locally the price is inside the ascending channel.
The lower boundary of this channel is just in the zone indicated above.

🩸 If the price still manages to break through this support zone down, then the next stop will be around 21600. In this zone, there is an equally significant support zone in the form of a key level and a long-term moving MA200d.
In this range, it is also worth buying Bitcoin in your portfolio.
But we still consider this option unlikely.

We believe that after the correction, BTC will return to growth, as this is indicated by a strong fundamental factor, which will be discussed in more detail in the next post 🔜