Even though market sentiment progressed positively yesterday, the BTC rally was quite limited. This indicates that the bulls of $BTC are being very cautious.
Looking at the short-term structure on the H1 timeframe,
With BTC unable to drop deeper (creating a lower low) after breaking through the recent support level at $77,600. Instead, the price has entered a consolidation zone and gained traction yesterday.
All of this opens up the prospect for the price to continue expanding its recovery, targeting around $78,676 (SMA200 H1) and further towards $80,000.
The short stance of $BTC if the price reaches around $80,000 remains unchanged.
As for short-term strategies today, the priority will be to buy if the price adjusts down to $77,335 (the nearest newly established demand zone). STP at $76,550 and price targets towards $78,676 and $80,000.
Looking at the short-term structure on the H1 timeframe,
With BTC unable to drop deeper (creating a lower low) after breaking through the recent support level at $77,600. Instead, the price has entered a consolidation zone and gained traction yesterday.
All of this opens up the prospect for the price to continue expanding its recovery, targeting around $78,676 (SMA200 H1) and further towards $80,000.
The short stance of $BTC if the price reaches around $80,000 remains unchanged.
As for short-term strategies today, the priority will be to buy if the price adjusts down to $77,335 (the nearest newly established demand zone). STP at $76,550 and price targets towards $78,676 and $80,000.