BTC wait for Long entry
2024-11-03

BTC has broken above its weekly trendline resistance, although prices remain below the monthly resistance level. Trading in this range is challenging and requires quick adaptation to shifts in market sentiment, driven by political factors (such as the U.S. election and global conflicts) and macroeconomic conditions (like the Federal Reserve's stance on rate cuts).

In the short term, on the 8-hour timeframe, BTC appears to be moving within an ascending channel.

I'm considering a long setup based on the chart, with:

 
 Entry: Around $65,000
 Invalidation: Daily close below $63,000
 Take Profit:
    * TP1 at $76,500
    * TP2 at $84,000
 

 Disclaimer: 
This analysis is based on my personnal views and is not a financial advice. Risk is under your control.

