Sun. May 26th, 2024
BTC on the 1-Month Chart (Long-Term):

1. **Technical Analysis**:

– BTC is currently in a strong upward trend.

– Support levels are identified at $26,800 and $27,300.

– Entry levels are set between $29,000 and $29,500.

2. **Target Prices**:

– The immediate target price is $32,000, based on the expected breakout from the current support levels.

– Short-term resistance levels are at $30,200, $31,800, $38,000.

– Long-term targets include $42,000, $46,000, $48,000, and a potential retest of the previous high at $68,000 to $79,000 in 2024.

3. **Risk Management**:

– Set a stop-loss order to protect against unexpected price drops. The stop-loss should be placed below the support levels, perhaps at $26,000.

– Use proper position sizing to ensure you don’t risk more than a certain percentage of your capital on a single trade.

– Continuously monitor the market for any news or events that could impact the price of BTC.

4. **Entry and Exit Strategy**:

– Enter the market when BTC’s price is between $29,000 and $29,500, as this is within the support level range and represents a favorable entry point.

– Consider taking partial profits at each resistance level on the way up, starting with $32,000, and then at $30,200, $31,800, and $38,000.

– For the long-term targets, keep a portion of your position open to ride the potential bull run until the price reaches $42,000, $46,000, $48,000, $52,000, and eventually the previous high of $68,000 to $79,000 in 2024.

5. **Timeframe**:

– This trading plan is designed for the short-term on the monthly chart. It’s important to monitor the market closely and be ready to adapt the strategy if conditions change.

6. **Market Monitoring**:

– Stay updated with BTC news, market sentiment, and technical indicators. Be prepared to adjust your strategy based on new information.

7. **Exit Strategy**:

– Consider exiting the market if the price drops below the stop-loss level.

– Reevaluate your strategy if BTC deviates significantly from the anticipated path.

8. **Risk Disclosure**:

– Trading cryptocurrencies, especially on shorter timeframes, involves a high level of risk. Be aware that markets can be highly volatile, and losses are possible.

9. **Note on Future Bull Run**:

– The prediction of a bull run starting between January and March 2024 is speculative. It’s essential to base your decisions on current market conditions and not solely on future expectations.

10. **Consult a Financial Advisor**:

– Consider consulting a financial advisor or expert before implementing this or any trading strategy to ensure it aligns with your financial goals and risk tolerance.

Remember that cryptocurrency markets are highly speculative and can be unpredictable. Always use caution and risk management in your trading activities.

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The post BTC on the 1-Month Chart (Long-Term) for BITSTAMP:BTCUSD by HAlhosani appeared first on WorldNewsEra.


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