EconOptic| We are still in the ascending channel 
2024-12-19
Category: None

Bitcoin Analysis in the 4-Hour Timeframe 

Yesterday, Bitcoin experienced a price correction, reaching the lower boundary of the ascending channel, as the midline of the channel lacked sufficient strength to support the price.  

The observed correction and decline were stronger than the previous upward wave, which may indicate the sellers' dominance. However, since the price remains within an ascending channel and the overall trend is bullish, I do not recommend opening short positions at this time.  

My first trigger for a short position would be a lower high formation and a confirmed break below the ascending channel's bottom line.  

For long positions, the safest entry remains above the green line at **107,538**. Alternatively, another viable option could be waiting for price consolidation and the formation of a new breakout trigger, likely around the midline of the ascending channel. This scenario would be ideal if accompanied by a decrease in red candle volume and an increase in green candle volume, signaling momentum building in favor of the trend.  
i recommend you to use safe stoploss .
 Conclusion: 
While the recent correction suggests increasing selling pressure, the overall bullish trend and channel structure indicate better opportunities for long positions. A confirmed breakout trigger with momentum support will provide the most favorable entry for buyers.  

Thank you for reading this analysis.
-EconOptic