Technical analysis by poocob1 about Symbol BTC: Buy recommendation (12/12/2024)

We all see what we want to see on the charts.However, this does not change the fact that we are in a bull market and the potential for BTC to go up is always a better gamble.Idea Summary: Identifying Entry Points for Crypto Traders The goal of sharing this chart is to highlight potential entry points for those new to the crypto market or traders who sold during the last breakout and are now seeking new opportunities. Chart Breakdown This chart features a combination of long-term and short-term trend lines, which are identified using the following color codes: Hard Blue: Long-term support and resistance. Hard Light Blue: Potential new support. Soft Light Blue: Most likely support level. Soft Orange: Fallout channel. Hard Yellow: Channel of the current trend. Methodology I have used the Donchian Channels (DC) indicator to determine the trend's direction. Specifically: Length: 14 Offset: 7 This helps analyze price movements over the 7-day period marked between the two vertical lines. Observations There appears to be a recurring pattern in the chart. While I wish I could edit the chart further for clarity, here’s what I observed: If we look at the first two circles on the chart, we can see yellow triangles similar to the one visible in the last circle. These triangles indicate areas where we might anticipate a bullish movement. Final Thoughts While we all interpret charts differently, I am betting on the bulls in this scenario. I hope this explanation adds clarity and assists in identifying potential entry points.