Analysis Cryptos Support & Resistance

A Possible Uptrend in BTCUSD | 11 January 2023

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The H4 chart shows that the sentiment for BTCUSD is bullish, given that the price is above the Ichimoku cloud, indicating a bullish market. Furthermore, the price is within an ascending channel, which suggests the bullish trend is likely to continue. In this case, the price could move towards the 1st resistance at 17620.00, where the 61.8% Fibonacci line is. Otherwise, it might head back to the 1st support at 16330.81, where the recent low and liquidity hotspot are.

Advice or Suggestion to Trade

This text provides a recommendation for trading, which can be restated as offering counsel or a suggestion for trading.

An amount of $17,700.00 has been entered.

Submit an order to buy when the price goes slightly above the first resistance level.

Set the Profit Target at 18,373.00

Utilizing the 2nd resistance line as a cause for a Take Profit.

The Stop Loss figure stands at 17136.00.

Purpose of a Stop Loss:

A slight decrease in the recent past has been observed.