Analyst Reveals Bitcoin Trading Strategy Amid Bear Market
- Market Expectation Analysis: The analyst predicts that Bitcoin (BTC) could reach the $79,000 to $84,000 range before potentially dropping to $40,000, indicating that the market remains in a bear phase, necessitating caution from investors.
- Trading Strategy Disclosure: The analyst shares his trading strategy, which includes setting long orders at $70,000 and planning to establish short trades at the peak of the relief rally, reflecting a deep understanding of market fluctuations aimed at maximizing profits.
- Leverage Trading Plan: Using a $100,000 budget, the analyst plans to set multiple orders at various price points from $79,250 to $85,000 with 5x leverage, showcasing his precise market grasp and risk management capabilities.
- Bear Market Signals Reiterated: Despite signs of a market rebound, the analyst reiterates that Bitcoin is far from its bottom, asserting that the current rally is merely a temporary relief within the bear market, urging investors to remain vigilant against potential downturn risks.
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Technical Analysis for BASED
Technical Sentiment Analysis for Based (BASED). As of , Based (BASED) is exhibiting a Neutral technical sentiment. Our proprietary analysis, which aggregates 0 technical signals, shows that 0 indicators are flashing buy, while 0 are indicating sell.
Momentum Indicators: RSI, MACD & Overbought/Oversold Status. Currently, the Relative Strength Index (RSI) for BASED stands at -, which suggests a Neutral condition. Meanwhile, the MACD (12, 26) indicator is at -, providing a Neutral signal for short-term momentum. Other oscillators like the Stochastic Oscillator at - and the Commodity Channel Index (CCI) at - further confirm a - outlook for the crypto.
Support, Resistance & Moving Averages. From a structural perspective, BASED is trading below its 60-day moving average of $- and below its 200-day long-term moving average of $-. Key price levels to watch include the immediate resistance at $- and strong support at $-. A break above $- could signal a bull continuation, while falling below $- may test the next Fibonacci floor at $-.
Based (BASED) Support & Resistance Level
| Name | S3 | S2 | S1 | Pivot Points | R1 | R2 | R3 |
|---|---|---|---|---|---|---|---|
| Classic | - | - | - | - | - | - | - |
| Fibonacci | - | - | - | - | - | - | - |
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