The BTC price has shown a strong breakout above the 35k level, indicating bullish momentum. However, it has faced resistance around the 38k level and failed to break through. This suggests a potential weakness in the upward movement and a possible consolidation or correction in the near future.
Considering this analysis, there is a likelihood that BTC may experience a pullback towards the 31k level before attempting to break above 40k. Therefore, our target for the trade is set at 31k, while the stop loss is placed at 38.5k to manage potential risks.
However, it's important to note that cryptocurrency markets are highly volatile and can be influenced by various factors. It's advisable to consider other technical indicators, fundamental analysis, and market sentiment before making any investment decisions. Additionally, using proper risk management strategies is crucial to protect against potential losses
Considering this analysis, there is a likelihood that BTC may experience a pullback towards the 31k level before attempting to break above 40k. Therefore, our target for the trade is set at 31k, while the stop loss is placed at 38.5k to manage potential risks.
However, it's important to note that cryptocurrency markets are highly volatile and can be influenced by various factors. It's advisable to consider other technical indicators, fundamental analysis, and market sentiment before making any investment decisions. Additionally, using proper risk management strategies is crucial to protect against potential losses