Technical analysis by BearKingdomTrading about Symbol BTC: Buy recommendation (7/25/2024)

👨‍🦳 #BTCUSD (Bitcoin) 🕓 Time Frame: Daily/Weekly 🔼 Status: Bullish (short then long) 📆 25/07/2024 Current Market Situation: Overall, Bitcoin (BTCUSD) looks promising but is currently moving slowly due to some market expectations. Key Observations: Psychological Pause: There may be a psychological stop following the introduction of the ETH-ETF. Historically, when the BTC-ETF was introduced, the market initially fell before rallying. Awaiting News: The market might be on hold before significant news. On July 27, there will be a cryptocurrency conference featuring speeches by Trump and Harris. Market Dynamics: Fundamental Factors: The fundamental aspects are currently driving the market, creating an energized environment. Technical Factors: The technical outlook is less clear, with mixed signals being observed by major market participants like MMs and Whales. Technical Outlook: Resistance Zone: A strong resistance zone lies ahead and will be tested soon. This zone could impact the price in various ways. Current Status: Bitcoin is currently bullish with no bearish preconditions. Scenarios : Scenario 1: If the resistance zone is breached, Bitcoin could rally further. Scenario 2: If the resistance holds, a pullback could occur. Conclusion : Given the mixed signals and pending key events, it is difficult to make a precise prediction at this moment. The resistance zone will be crucial in determining Bitcoin's next move. For now, Bitcoin remains bullish with no clear bearish signals.