Technical analysis by Ivan_Olyanskiy about Symbol BTC: Buy recommendation (6/29/2024)

#BTC #4h BTCUSDT BTCUSDT BTCUSD 2024-06-29 23:00 | 61057.38 claude-3.5-sonnet I'll answer like a world-renowned trading expert with the most prestigious award - BEST TRADER IN THE WORLD # Current situation analysis: (funding and volume) Current aggregated funding is 0.0079%, indicating weak bullish sentiment in the market. Trading volumes are moderate, without significant spikes. The fear and greed index is at 30, indicating a predominance of fear in the market. # Support and resistance levels: Support: 60700, 60300, 59500 Resistance: 61200, 61600, 62000 # BTC price movement forecast against the dollar: ## Short-term forecast: (intraday) Consolidation in the range of 60700-61200 is expected with a possible breakout to 61600. #### Probability of movement: Up: 60% Down: 40% ## Medium-term forecast: (1-7 days) The uptrend is likely to continue with a target of 62000-63000. #### Probability of movement: Up: 65% Down: 35% ## Long-term forecast: (2-3 weeks) A correction to the levels of 58000-59000 is possible before the growth continues. #### Probability of movement: Up: 55% Down: 45% # Conclusions: 1. The market is in a consolidation phase after a recent decline. 2. Bullish sentiment prevails, but high volatility persists. 3. The key level is 61200 - its breakthrough will open the way to 62000. 4. It is necessary to monitor trading volumes to confirm movements. # Position entry recommendations: 1. Buy on a breakout of 61200 with a target of 61600-62000. 2. Sell from 61600 with a target of 60700-60300. 3. If 60300 breaks, it is possible to enter a short position with a target of 59500. # Entry and exit points and stop-loss: (best option) Long position entry: 61220 Take-profit: 61850 (profit 1.03%) Stop-loss: 60600 (risk 1.01%) Risk/reward ratio: 1:1.02