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BTC Analysis: Good Times Will Come for BINANCE:BTCUSDT by Djawad_Afsharirad

BTC is riding an ascending channel . The floor of the channel has been respected three times. The ceiling of the channel has been respected twice. The midline of the channel has played a significant role in price action movement; if you pay close attention, you can easily see it has been resistance and support on several occasions. We can notice repeated M Barts all over the place; the reason why they have kept popping up is the insufficient volume . BTC has not received its fair share of volume and institutional money has been flowing into altcoin markets such as ADA & SOL. However, this trend will not last forever. For now, retail behavior is steering the market, and one day, sooner or later, the smart money will take notice of BTC and invest back in BTC after they have made decent profits in altcoins. In case, the price decides to correct more deeply, MA30 & EMA50 are strong support clusters. MACD is divergent in the positive zone and could easily scale higher. RSI has managed to break out of a descending trend line , the picture of which you can find in the comments section. The price, right now, has retraced back to the 0.618 FIB extension which is the golden ratio. The mentioned FIB extension is in relation to the recent impulse the price showcased ranging from 46500 – 50450.

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