$BTC 4.19 Weekend market overview: Is BTC about to retrace or bounce off the trendline?



BTC closed with a large bearish candle this morning, indicating a further risk of pullback

4H BTC is in a converging symmetrical triangle channel; Vegas channel EMA576-676, with support near the lower band at around 7.49, and upper band resistance near around 7.64

1H BTC Vegas EMA144-169 lower band support resonates with the trendline; if it retraces to the trendline, there’s a chance to form a rebound

Judging from political factors; with the US and Iran restarting negotiations, Iran taking a hardline approach toward the Strait of Hormuz by firing on past vessels, plus Trump’s talk; a renewed gas-war between the US and Israel and Iran is very possible, which could further increase the likelihood of another market pullback

The market is consolidating at 7.56; after rebounding above the trendline support at 7.56, go long, add to positions at the trendline 7.46, with a defense (stop) at 7.37, targeting around 7.71 and 7.79

With multiple pullbacks testing 7.37 as an effective support, you can set up a left-side position and go long; with a defense (stop) at 7.25, targeting around 7.49 and 7.69
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