BTC Potential Pullback After Upside Move to $66K-$67K
2024-10-13

Description: Bitcoin has shown bullish momentum recently, with prices climbing towards the $66K- FWB:67K  range. However, caution is advised for traders. Historically, sharp pullbacks often follow price rallies, especially when key psychological levels are tested.

Scenario:

Bullish Case: Bitcoin could rally further to the $66K- FWB:67K  range, reaching resistance levels. If this level is broken, we could see a continuation toward $70K.
Bearish Case: After hitting $66K- FWB:67K , we may experience a major correction. A strong rejection in this range could trigger a pullback, possibly to $60K or even $58K & 43k$, depending on market sentiment and volume.

Strategy:

For Long Traders: Be cautious as BTC nears the $66K- FWB:67K  range. Consider setting tight stop-losses in case of a sudden reversal.
For Short Traders: Watch for signs of weakness at resistance levels (bearish divergence, volume dropping, etc.) before entering a short position.

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