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BTCUSDT PA Channel - Day Trade Long Setup - $80,000 Psychological?

Price action has been consolidating on the lower timeframe at an area of confluence, that is the .618 Fibonacci, VWAP S/R Support and the Channel Dynamic S/R Support.

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Bitcoin Insider
November 08, 2024 • Estimated Reading Time: 4 minutes

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Today’s report will include:

  • BTCUSDT Updated Technical Analysis

  • Market developments

  • Trading Tools

  • Trading Psychology

Bitcoin Trading Channel 📈 

In todays analysis -BTCUSDT - trading in a local channel, it is currently approaching channel support where a bounce is probable.

Points to consider ✍️ 

  • Price Action Channel

  • VWAP S/R Support

  • .618 Fibonacci Support

  • $80,000 Psychological

  • Blue Sky Break-out zone

Price action has been consolidating on the lower timeframe at an area of confluence, that is the .618 Fibonacci, VWAP S/R Support and the Channel Dynamic S/R Support.

An influx in bullish volume around this area will signify the presence of bulls, defending support will increase the probability of a rotation to channel high - $80,000 Psychological.

Overall, in from Bitcoin Insider’s perspective, BTCUSDT is a valid long with defined risk, price action is to be used upon discretion/management. ✍️ 

Hope this analysis helps.

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Trading Psychology 🧠 

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