#BTC

The price is moving within a descending channel on the 1-hour timeframe and has reached the lower boundary. It is now poised for a bounce and is expected to retest this boundary.

The Relative Strength Index (RSI) indicates a downward trend, which is likely to continue given the overbought conditions.

There is a key support zone in green at 61430, and the price has bounced off this zone several times, making it a strong support level.

The price is trending towards the 100-period moving average, which we are approaching. This trend supports an upward move.

Entry Price: 62646
First Target: 63201
Second Target: 63200
Third Target: 63604

Stop Loss: At the resistance zone in green

Remember this simple rule: Money Management.

Any questions? Please leave a comment.

Thank you.