Buy Or Sell Bitcoin Now? Analyst Reveals Ultimate Bias Guide

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In a detailed analysis shared with his 280,000 followers on X, crypto analyst Cold Blooded Shiller (@ColdBloodShill) examined Bitcoin's recent price movements amidst market volatility. His commentary, titled “Ultimate BTC Simple Bias Guide,” focuses on the emotional reactions to Bitcoin’s price drop from $71,900 to $68,500, linked to the US Employment Situation Summary Report.

Shiller notes that Bitcoin remains in a strong uptrend despite recent fluctuations. He identifies $72,000 as a critical resistance level, essential for bullish momentum if breached, and key support levels at $67,000 and $61,000, which are crucial for maintaining the uptrend. A fall below $67,000 could indicate a confirmed downtrend, while losing $61,000 might end the current bullish cycle and lead to a broader weekly downtrend.

He highlights the absence of high time frame (HTF) bearish divergences on the Relative Strength Index (RSI) as a positive sign, suggesting the market isn’t at a peak yet. Shiller advises traders to monitor these key price levels to navigate the market effectively, emphasizing readiness to adjust positions based on these indicators.

At the time of his analysis, Bitcoin was trading at $69,484.

URL:
http://www.newsbtc.com/news/bitcoin/buy-or-sell-bitcoin-now-ultimate-bias-guide/