Bitcoin Update 15.03.2024.

3月15日

Bitcoin Analysis and Next Possible Scenario:

Good morning! Let's analyze yesterday's Bitcoin candle and discuss potential scenarios moving forward. It's essential to remain calm and seek more confirmation before jumping to conclusions.

Daily Timeframe:
Yesterday's candle closed in red, indicating potential weakness.
However, we need further confirmation before confirming a retracement on the daily timeframe.

4-Hour Timeframe:
If the current candle closes red on the 4-hour chart, it confirms a retracement at this timeframe.
If the price remains above the blue horizontal area, we should shift our focus back to the daily timeframe.

Reversal Points:
I've marked two potential reversal points on the chart: Arrow 1 (68107) and Arrow 3 (61938).
These are critical levels to watch if the retracement occurs on the daily timeframe.

Critical Point:
Arrow 2 (66056) signifies a critical level.
If the daily candle closes below this point, the retracement may extend for more than a week

Market Sentiment:
Despite the possibility of a retracement, we maintain a bullish outlook on Bitcoin.
It's crucial to view any potential retracement as a normal market movement.
In the previous retracement (Arrow 4), the price dropped by 14.50%, but the bullish sentiment remained intact.
This retracement might provide opportunities for altcoins to gain traction

Conclusion:
Patience is key. Let's wait for today's candle to close for further confirmation.
By remaining calm and observant, we can optimize our trading strategy and make informed decisions.
Remember, the market can be volatile, but with careful analysis and patience, we can navigate it successfully. Let's stay focused and monitor the situation closely.