Bitcoin BTC Market Update May 11, 2024

#BTC UPDATE

🔵 Technical Analysis (1D):

BTC is currently consolidating within a falling wedge pattern, managing to stay above the indicated level. A breach of this level may lead to a retest of the support trendline within the wedge.

Conversely, a #bounce from this point followed by a breakout of the wedge would signal a shift to bullish momentum. Given the current market uncertainty, it's crucial to monitor price action closely.

🔵 Wrap-Up:

BTC remains in a falling wedge, holding above a critical level. A breakdown would prompt a retest of the support trendline, whereas a bounce and subsequent breakout would indicate bullish sentiment. In light of market fluctuations, vigilant monitoring of price action remains essential.

#Bitcoin Daily Range:

Upper Limit: $63,500Lower Limit: $60,200

(+-11% based on moving average volatility from opening to closing points)

🔵 Scalp Entries: (For advanced traders only - moderate/high risk)

🔵 Long Entry: $57,000

🔴 Short Entry: $65,000