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In the world of cryptocurrency, the moves made by Bitcoin analysts are taken very seriously by their followers. Based on these movements, followers adjust their own positions, thus benefiting from the experts’ opinions. Today, Bitcoin analyst Efloud disclosed his latest move for Bitcoin and emphasized the level he is watching for.
Prominent Analyst Shifts to a Long Position in Bitcoin
Analyst Efloud recently stated that he has adjusted his position in Bitcoin (BTC), the flagship of cryptocurrencies. According to his post on platform X, after the break indicated in the screenshot below, he preferred to sell most of his long position.
However, the analyst mentioned that he plans to keep the remaining 25% as long as the price does not fall below the threshold marked in the red box.
Understanding Short-Term Support Levels
The analyst, who has received many questions about the nearest support levels, expects based on his analysis that the support will form around $45,600 in the short term.
Analyst Efloud, who also provides information about High Time Frame (HTF) trends, is observing for a detailed analysis of this narrative. Accordingly, the analyst does not foresee any significant issues as long as the price maintains its position within the green box.
After closely monitoring this channel, the last break indicates a potential aggressive upward movement that could reach the threshold shown by the red box. The analyst also notes that he has identified the blue box as one of the intermediate resistance levels in the current trend.
Adapting to Bitcoin and Cryptocurrency Market Dynamics
While navigating the complexities of Bitcoin trends, it becomes very important to adapt promptly to market changes. Even though the analyst has adjusted his position according to the latest developments, he reminds us that it is crucial to stay alert and responsive to emerging patterns and support/resistance levels.
According to the analyst, this information should be incorporated into investors’ strategies, enabling better navigation in the dynamic environment of BTC trading. At the time of writing, we see that the cryptocurrency Bitcoin is trading at a price level of $47,138. Bitcoin had broken through $48,000 the previous day but failed to advance to higher levels. However, optimism prevails in the market, and there is talk that the price could reach the $50,000 levels in the near future.
