Technical analysis by tradecitypro about Symbol BTC: Buy recommendation (10 hour ago)

👋 Welcome to the 150th Bitcoin Analysis on TradingView by TradeCity Pro! I am very happy that the number of daily Bitcoin analyses has reached 150. I hope the analyses have been useful so far and that you have been able to benefit from them. On this occasion, I want to present a complete and comprehensive analysis of Bitcoin. 📅 Weekly Timeframe On the weekly timeframe, Bitcoin has been in a very strong uptrend since early 2023. After breaking the 24512 resistance, it made several sharp moves and, in multiple bullish waves, managed to register a new ATH in the 120000 zone. ✨ At the moment, it can be said that Bitcoin is in the seventh wave of its trend, which is quite a high number. The more waves a trend has and the more it shows signs of weakness, the higher the probability of a trend reversal. 📊 Regarding volume, there is not much to say because over time, Bitcoin’s trading volume on Binance has decreased. The reason is partly due to Binance exiting certain countries, and partly due to the growth of the DeFi space, where a significant percentage of trading now happens on DEXs, naturally reducing CEX volume. ⭐ However, if we compare the magnitude, slope, and candlestick size of the bullish waves, the trend weakness is clearly visible. But this does not mean the trend will reverse. 🧩 Many trends, even after showing weakness, continue for several more waves. If this happens for Bitcoin on the weekly timeframe, we can still take many long positions in futures during those waves. 💥 Therefore, this trend weakness is not a solid reason to avoid opening long positions for now. I still believe long positions in futures take priority over short positions. 🛒 For spot, if you have already bought Bitcoin, I suggest you keep holding for now. We can take profit after confirming the trend, but for now, it is better to hold. 🎲 However, for spot buying at current prices, I do not recommend it because it is not worth it. It is better to open futures positions to get a more reasonable profit. 🔔 Now that the 110000 resistance has been broken, the next targets are 128000 and 162000. If RSI enters the Overbought zone, these targets will be within reach. 📅 Daily Timeframe In the last analysis I shared for this timeframe, the price was in a correction phase, and I mentioned that as long as the price is above 110183, the trend is bullish, and the probability of upward movement is higher than a drop. 🔑 That’s exactly what happened — the price formed a higher low above 110183, and RSI bounced from near the 38.21 support level and moved upward. 🔍 We had a Maker Seller zone between 120000 and 122000, and now the price has penetrated into it. 🔼 It seems to be getting rejected from the top of this zone and today failed to break it. Now we need to see what happens during the New York session. ✔️ In my opinion, it is unlikely that the price will break this top today. The market will probably wait for the U.S. inflation data release tomorrow before deciding on the next move. 📊 If inflation comes in higher than expected, the market will re-enter a correction phase, likely dropping back toward 110183. 📈 If inflation is lower than expected, Bitcoin can break the 122000 resistance and start a new bullish leg. ⏳ 4-Hour Timeframe On this timeframe, Bitcoin finally broke through the Maker Seller zone it had formed, with a strong bullish candle. After RSI entered the Overbought zone, a Blow Off candle was printed near the 122733 resistance. ☘️ Currently, given the recent red candles, it appears that RSI’s entry into Overbought was a fake-out, and the price has pulled back to 120041. ⚡️ There is a possibility that the price could resume its upward movement from here, as the 120041 zone is an important level that can prevent further declines. In this scenario, the price would also have completed a pullback to the SMA7. 💥 If a deeper correction occurs, the next dynamic support is the SMA25, which is also an important momentum support. 📉 The lower static support levels for Bitcoin are currently 116829 and 115364. ❌ Disclaimer ❌ Trading futures is highly risky and dangerous. If you're not an expert, these triggers may not be suitable for you. You should first learn risk and capital management. You can also use the educational content from this channel. Finally, these triggers reflect my personal opinions on price action, and the market may move completely against this analysis. So, do your own research before opening any position.