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Home»Bitcoin»Buy or sell Bitcoin now? Analyst reveals ultimate bias guide
Bitcoin

Buy or sell Bitcoin now? Analyst reveals ultimate bias guide

2024-06-10No Comments3 Mins Read
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In an analysis released to his 280,000 followers on in-depth look at Bitcoin’s current state amid a volatile market environment. His commentary, titled “Ultimate BTC Simple Bias Guide,” unpacks the recent emotional reactions caused by Bitcoin’s price movements and provides a strategic framework for interpreting these changes.

Buy or sell Bitcoin now?

On Friday, the Bitcoin price plummeted from $71,900 to $68,500. This drop coincided with the release of the US Employment Situation Summary Report, a piece of economic data that typically influences market sentiment across asset classes, including cryptocurrencies. “It’s very easy to forget that it was simply one red candle on Friday that caused a huge reaction in the emotion of the discussion on Twitter,” Shiller writes, highlighting the often overly emotional reaction to individual events in the crypto markets.

Cold Blooded Shiller’s technical examination of Bitcoin reveals a strong underlying uptrend despite recent price volatility. However, he identifies critical resistance and support levels that are crucial for understanding Bitcoin’s future price movements.

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The $72,000 price level represents major resistance as it has thwarted Bitcoin’s upward move five times, including the most recent rejection last Friday. Shiller explains: “We have resistance within the $72,000 range,” indicating that a break above this level could potentially lead to significant bullish momentum.

Conversely, the support levels at $67,000 and then $61,000 are described as crucial for maintaining the bullish scenario. Shiller warns: “BTC must maintain the uptrend. If we lose $67,000 we will be in a downtrend again, confirming that this is an LH trend. [Lower High] and therefore negative market conditions continue.” The further loss of $61,000, he said, could signal the end of the current bullish cycle, with consequences that could extend to a broader weekly downtrend.

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Bitcoin Price Analysis
Bitcoin Price Analysis | Source: X @ColdBloodShill

Shiller analyzes broader market dynamics and highlights the absence of high-time frame (HTF) bearish divergences on the Relative Strength Index (RSI), a common indicator used to predict potential market reversals. “The positive is that there are no HTF beardivs, which has typically been a strong signal for cycle tops. We are free from RSI,” he notes. This observation suggests that despite testing critical resistance levels, the market may not yet be at a cyclical high, providing some reassurance for investors worried about potential downturns.

Related reading

Shiller’s guideline for traders is to keep an eye on the key price levels that will determine Bitcoin’s market direction in the short term. “The Daily needs to make a new high and break $72k; Otherwise, you risk losing the daily trend below $67,000,” he advises, emphasizing the importance of these thresholds in shaping market sentiment and trading strategies. This advice suggests that while the broader trend may still support a bullish stance, the willingness to pivot based on key technical indicators is critical.

In light of these observations, Shiller advises his followers to use these insights to strategically manage their investment portfolios. Current market conditions, characterized by attempts to break the resistance at $72,000 and support holdings at key lower levels, imply a tactical approach to investment decisions. Traders and investors are advised to establish clear markers for adjusting their positions in preparation for potential shifts in market dynamics that could impact their investment results.

At the time of writing, BTC was trading at $69,484.

Bitcoin price
Bitcoin price hovers above key support, 1-day chart | Source: BTCUSD on TradingView.com

Featured image created with DALL·E, chart from TradingView.com

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