BTC → long term view

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hello guys.

let's dive into BTC.

Support and Demand (S&D) Zone:

1. The S&D zone marked on the chart around the $49,500 level has acted as a strong support during the last downward movement.
   
2. If the price retraces, this zone is likely to serve as a critical support area, potentially offering a buying opportunity.
   

Potential Bullish Scenario:

• If Bitcoin continues its upward momentum, it could test the upper wedge line, which is currently around the $70,000 mark.
  
• A breakout above this wedge could signal a significant bullish move, potentially leading to a new uptrend.
  

Summary

1. Broadening Wedge Pattern: Indicates increasing volatility with higher highs and lower lows.
   
2. Current Position: Bitcoin is moving towards the upper wedge line after bouncing from the lower wedge line.
   
3. Support Zone: The S&D zone around $49,500 acts as critical support; a key level to watch if the price retraces.
   
4. Bullish Scenario: Potential move toward $70,000 if the upward momentum continues and the upper wedge line is tested.
   

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ملاحظة

the short term time frame perspective

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