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    556 million dollars into the inflow of Bitcoin ETF signals is a major shift in investor sentiment

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Home Crypto News & Analysis Bitcoin

Bitcoin Price Prediction – I bought some BTCUSD at 62k with target 70k

by Dr. Jane Chen
June 16, 2024
in Bitcoin
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Bitcoin Price Prediction – I bought some BTCUSD at 62k with target 70k
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Bitcoin’s Pivotal Shift: Anchored VWAP

As of May 11, 2024, Bitcoin is showing bearish signs as the Anchored VWAP (Volume Weighted Average Price), which previously acted as a support level, now acts as resistance. Here’s a quick update on Bitcoin’s market dynamics:

Bitcoin’s bearish shift: Anchor VWAP as resistance now

Can bitcoin bulls protect the anchored vwap (purple line) at around 61k?

Can bitcoin bulls protect the anchored vwap (purple line)?

Anchored VWAP Crossover: Originally a support, the purple line in the chart has shifted its role, indicating increased selling pressure. See the purple line in the above chart. Current Market Position: Bitcoin is trading below the anchored VWAP, suggesting that sellers are in control and may continue to drive the price down. Implications for Traders: Traders should watch the VWAP level for potential resistance for bearish confirmations, indicating possible short opportunities.

This change in the role of the Anchored VWAP from support to resistance highlights a critical transformation in market sentiment, indicating a bearish outlook for Bitcoin in the near term.

📊 Bitcoin Technical Update: Key Support Levels to Watch

In the latest Bitcoin chart analysis, we closely monitor a potential bounce from two significant support levels, which could signal an auspicious moment for traders. The volume weighted average price (VWAP) anchored from the notable low on 1 May 2024, together with the low of 20 March, forms a confluence of support points. This double support zone, as indicated on the chart, provides a compelling area for a potential reversal.

Look at the possible bounce from the anchored VWAP around 61k

Although these support levels are not guaranteed to hold, their historical significance makes them stronger candidates for a potential price reversal compared to other arbitrary levels. Traders should keep a close eye on these ‘crossings’ as potential indicators to enter long positions, especially given the current market dynamics displayed in the chart. Remember, while these supports offer interesting opportunities, they are not promises; always manage risk wisely.

Welcome, crypto investors and traders. Today I delve into a detailed technical analysis of Bitcoin with the above video. With recent price movements and key technical levels, there is an exciting opportunity for those looking to go long on Bitcoin. Let’s break down the analysis and discuss potential trading strategies.

📈 Key resistance and support levels

Critical Resistance: The most important levels to watch are $62,195 and $60,851. Price reactions to this bare PoC key price level indicate significant market attention.

🟡 Trading Strategy: Go long with strategic stops

Immediate Strategy: After a slight decline over the past few days, Bitcoin offers a promising long entry point. A short stop-loss strategy is advisable to minimize risks. Stop-Loss Tip: Set your stop just below $60k.

🔍 Technical indicators and patterns

Yellow channel: The middle channel line acts as a minor resistance, which if broken could indicate a stronger bullish momentum. Purple Trend Line: With three previous touches, this trend line – see the purple line in the video above – is another important marker for potential price breakout to the higher side.

🚀 Potential upside and profit targets

Short-term target: Look to take initial profits around $63,000 and near the center channel line at around $64,660. Long-term view: If the momentum continues, the wave to $70,000 could yield a significant reward, with a potential 9:1 reward-to-risk ratio.

🌟 Medium term outlook

Bullish Sentiment: The medium-term outlook remains bullish with expectations to break higher resistance levels in one to two consecutive attempts. Market Dynamics: Resistance levels often require several tests before a breakthrough; the upcoming attempt could be a decisive fourth or fifth try.

💡 Trading Tips

Market Timing: If you let this analysis catch on a bit, smaller timeframes can provide viable entry points. AGAIN – ENTRY AROUND The pivot levels $62,195 and $60,851. Risk Management: Always trade within your risk tolerance and consider partial profits to ensure profits. You may be interested in additional trading ideas for bitcoin at TradingView.com

🎯 Conclusion

Although the bullish signals are not yet strong, this could be an early entry for the high risk vs reward trader. Remember that trading involves risk, and it is essential to approach each trade with careful consideration. Stay tuned to ForexLive.com for more updates, and as always, trade wisely and well.

Thank you for checking out ForexLive.com, and good luck in your trading endeavors!

Disclaimer for Uncirculars, with a Touch of Personality:

While we love diving into the exciting world of crypto here at Uncirculars, remember that this post, and all our content, is purely for your information and exploration. Think of it as your crypto compass, pointing you in the right direction to do your own research and make informed decisions.

No legal, tax, investment, or financial advice should be inferred from these pixels. We’re not fortune tellers or stockbrokers, just passionate crypto enthusiasts sharing our knowledge.

And just like that rollercoaster ride in your favorite DeFi protocol, past performance isn’t a guarantee of future thrills. The value of crypto assets can be as unpredictable as a moon landing, so buckle up and do your due diligence before taking the plunge.

Ultimately, any crypto adventure you embark on is yours alone. We’re just happy to be your crypto companion, cheering you on from the sidelines (and maybe sharing some snacks along the way). So research, explore, and remember, with a little knowledge and a lot of curiosity, you can navigate the crypto cosmos like a pro!

UnCirculars – Cutting through the noise, delivering unbiased crypto news

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Dr. Jane Chen

Dr. Jane Chen

Armed with a PhD in cryptography and years of research, Dr. Chen dives deep into the technical intricacies of blockchain. Her insightful analyses of white papers and on-chain data provide a unique understanding of the technology's potential and limitations.

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