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BTC

Bitcoin Resistance Test Signals Potential Upward Breakout

Good morning everyone! ☀️ #BTC - Analysis Currently, the BTC price is testing the key resistance level at $106,735. I am refraining from opening short positions for the following reasons: 1️⃣ A conservative approach - the level appears significant, and a breakthrough could lead to a strong upward move. 2️⃣ Potential scenarios - I expect either: 🔶 A clear breakout with a subsequent retest as support. 🔶 A false breakout with a return to the range. I will wait for a confident hold of the price above $106,735 and will go long on the retest of the level.
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AI Analysis

The current testing of the resistance level at $106,735 suggests a pivotal point for Bitcoin. The cautious stance adopted by waiting for a confirmed breakout or a retest aligns with prudent trading pr...

AI Recommendation

Given the current scenario, it is advisable to remain on the sidelines until there is a confirmed breakout above $106,735 or a clear rejection. Entering a long position on the retest after a confirmed...

Disclaimer

The AI analysis and recommendations provided are for informational purposes only. Any investment decisions should be made at your own risk. Past performance is not indicative of future results. Always conduct your own research and consider consulting with a financial advisor before making any investment decisions.

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