Bitcoin: Reflection on key levels and market behavior
Source pvp.trade
Source CoinTrendzBot
Source CoinTrendzBot
Yesterday was a key day for the Bitcoin market, as we saw a strong bullish reaction in the price range between $98,000 and $101,000. This move made it clear that there are buyers willing to come in strong in these areas, consolidating what appears to be new key support. This behavior is not surprising considering the current market sentiment and the long-term trend that BTC has maintained. However, it is still fascinating how these psychological levels play such an important role in the decisions of traders and large investors.
From my perspective, this area could be an interesting point to consider long positions, as long as the market continues to show strength in this area. However, it is essential not to get carried away only by the emotion of this type of movement. Before making any decisions, I always like to evaluate factors such as trading volume, daily candlestick behavior and market reactions in other related assets.
On the other hand, for those considering short positions, the $103,000 level is the next major hurdle for buyers to overcome. This price marks a key resistance and could be an area where sellers take control again. Should BTC break $103,000, the next levels to watch will be at $107,000 and finally the all-time high of $110,000. While we cannot predict with certainty whether Bitcoin will reach these levels in the short term, what we can do is prepare to react according to how the market evolves.
In addition, while BTC continues to show strength, Bitcoin's market dominance significantly affects altcoins. This phenomenon is something I have observed repeatedly: when Bitcoin rises strongly, many altcoins are relegated to the background, struggling to recover. This is why, in my case, I am prioritizing short positions in altcoins, as their performance tends to be weaker in a BTC-led market.
For the next few days will be decisive. My approach will be to watch how the market reacts in these key areas before making firmer decisions. As always, it's not about guessing where the price will go, it's about having a clear plan and adapting to what the market tells us. I am ready to adjust my strategy according to what happens, either looking for opportunities to go long or waiting for the ideal moment for a short position. And you, do you already have your plan for this week?
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Hello 👋 my name is Jelvys Triana and I am an Industrial Engineer in Cuba, cu. I invite you to follow me. When I'm not watching crypto news or trading, I'm studying programming and web application development with javascript, python and MySql.