Bitcoin (BTC) Analysis - June 5, 2024 - Latest update

H1 chart:

Trend: Up

RSI indicator: Divergence

Location: Located in the supply area

Forecast:

There will likely be a slight pullback to correct around the 705-706 level.

Then, look for opportunities to buy (Long) and at the same time Long Altcoins (cryptocurrencies that replace Bitcoin).

Reason:

RSI divergence in H1 shows weakening buying power.

The current position is in the supply zone - where selling pressure may occur.

However:

If Dom (Bitcoin's market dominance rate) increases with BTC, the chance of going Long will be higher.

Some potential Altcoins to Long: #Ordi, #Sats,

BTC update:

"Buy Bitcoin while it's cheap. Don't wait until it gets too expensive."

Note:

This analysis is for reference only, not investment advice.

The cryptocurrency market is highly volatile, so you should do your own research and make your own investment decisions.

Good luck! #StartInvestingInCrypto #binance #btc #Web3