4.19 week-end morning market overview : BTC retracement imminent or bounce off trendline ?



BTC closed with a large bearish candle in the morning, indicating further risk of correction

4HBTC is in a converging symmetrical triangle channel; Vegas channel EMA576-676, support near the lower band at 7.49, upper band resistance near 7.64

1HBTC Vegas EMA144-169 lower band support resonates with the trendline; if it retraces the trendline, there is a chance for a rebound

Considering political factors; US and Iran restarting negotiations, Iran taking tough measures in the Strait of Hormuz firing on passing ships, plus Trump’s bluster; US, Israel, and Iran reigniting tensions could escalate, increasing the likelihood of a correction

The market consolidates at 7.56, rebounding to the trendline support at 7.56 for long entries, adding to positions at the trendline 7.46, with a stop at 7.37, targeting around 7.71 and 7.79

Multiple rebounds at 7.37 provide effective support for left-side long entries, with a stop at 7.25, targeting around 7.49 and 7.69
BTC1,19%
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