Introduction
JB welcomes everyone to his weekend Bitcoin price analysis video!
This weekend, JB is expecting sideways trading for Bitcoin, with the potential for an upside move. In this video, He will be discussing his price targets and analysis, as well as sharing his personal trading experience and entry point.
Bitcoin’s Current Price Action
JB is expecting sideways trading for Bitcoin over the weekend, as traders consolidate their positions ahead of the next week’s trading.
Potential Move to the Upside
However, I do see the potential for an upside move for Bitcoin in the near future. JB’s price target for Bitcoin is a range of $36,190 to $36,660. If Bitcoin can break above this resistance level, JB believes it could continue to move higher.
Personal Trading Experience and Entry Point
JB personally entered a long trade on Bitcoin at around $34,200 JB believes that this is a good entry point for Bitcoin, as it is just below its recent highs.
Technical Analysis
JB has analyzed various timeframes and indicators for Bitcoin, including the RSI and stochastic RSI. Both of these indicators are currently in neutral territory, which suggests that Bitcoin is likely to continue trading sideways in the near future.
Correlation between Bitcoin and DXY
Bitcoin has a strong negative correlation with the DXY (Dollar Currency Index). This means that when the DXY goes up, Bitcoin tends to go down, and vice versa.
JB is expecting the DXY to move to the upside in the near future, which could put some downward pressure on Bitcoin’s price. However, JB believes that Bitcoin is strong enough to withstand any short-term selling pressure.
Weekly and Monthly Charts
JB also examined Bitcoin’s weekly and monthly charts. JB is focusing on fair value gaps, which are areas where Bitcoin is trading below its fair value.
JB believes that Bitcoin is currently trading in a fair value gap on its weekly chart. This means that Bitcoin is undervalued and has the potential to move higher in the near future.
Conclusion
Overall, JB is expecting sideways trading for Bitcoin over the weekend, with the potential for an upside move. JB’s price target for Bitcoin is a range of $31,900 to $37,578.
If you’re interested in trading Bitcoin, JB recommends that you do your own research and develop a trading plan. Please trade safely and responsibly.
Call to Action
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Safe Trading!
