Where does the Bitcoin downtrend continue to?
Hello dear friends, I hope you're doing well. Before delving into Solana and Bitcoin analysis, let me reiterate two important points for newcomers and myself:
1. If you haven't profited from market dips or experienced severe liquidation, take a few days off from the market.
2. Avoid entering the market for revenge, as emotional decisions could lead to further losses.
As you can see, Bitcoin experienced an 18% drop from the $73,600 ceiling and reached a support level of $60,000.
The question arises: Is the $60,000 range an attractive zone for market makers or major players? My answer is a resounding no, for several reasons.
As I've mentioned before, the $60,000 range serves more as a psychological barrier than a significant support level.
Market makers reinforce this range so you can comfortably take long positions at $20k, $40k, or $80k without worry, or even go full margin long.
In my opinion, the $60,000 range is the biggest bull trap that market makers have set for us.
Within less than a week before the halving, the $60,000 range has been strongly supported, but 8 to 10 days later, CZ's criminal sentencing area awaits us.
Considering the current dominance of Tether and the breakdown of the rising wedge bearish pattern, we could look to open short positions in the $64,500 to 68,000$ range. The likelihood of this scenario playing out is very high.
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Here are the potential scenarios for Tether's dominance:
1. A move of 4.7%, breaking the resistance at 5% and reaching the 5.85 range, which is the channel's midpoint.
2. A correction to the 4.5 to 4.36% range to complete the upward pullback, followed by a move towards the 5.85 range, which is the channel's midpoint.
Therefore, we conclude that Tether's dominance is very bullish. It's likely that the $60,000 support range will be broken, and the price will drop to $45,000 (the 5.85 USDT.D range).
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The Elliott Wave count I conducted in the previous analysis on the RSI indicator is nearing completion. Wave A has been completed.
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I'd be happy to share your opinion with me. Your likes, follows, and comments give me energy.
1. If you haven't profited from market dips or experienced severe liquidation, take a few days off from the market.
2. Avoid entering the market for revenge, as emotional decisions could lead to further losses.
As you can see, Bitcoin experienced an 18% drop from the $73,600 ceiling and reached a support level of $60,000.
The question arises: Is the $60,000 range an attractive zone for market makers or major players? My answer is a resounding no, for several reasons.
As I've mentioned before, the $60,000 range serves more as a psychological barrier than a significant support level.
Market makers reinforce this range so you can comfortably take long positions at $20k, $40k, or $80k without worry, or even go full margin long.
In my opinion, the $60,000 range is the biggest bull trap that market makers have set for us.
Within less than a week before the halving, the $60,000 range has been strongly supported, but 8 to 10 days later, CZ's criminal sentencing area awaits us.
Considering the current dominance of Tether and the breakdown of the rising wedge bearish pattern, we could look to open short positions in the $64,500 to 68,000$ range. The likelihood of this scenario playing out is very high.
-------------
Here are the potential scenarios for Tether's dominance:
1. A move of 4.7%, breaking the resistance at 5% and reaching the 5.85 range, which is the channel's midpoint.
2. A correction to the 4.5 to 4.36% range to complete the upward pullback, followed by a move towards the 5.85 range, which is the channel's midpoint.
Therefore, we conclude that Tether's dominance is very bullish. It's likely that the $60,000 support range will be broken, and the price will drop to $45,000 (the 5.85 USDT.D range).
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I'd be happy to share your opinion with me. Your likes, follows, and comments give me energy.
Trade active:
It seems you had your position set at $61,000, expecting $68,000, but the market didn't comply.
An intriguing scenario would be Bitcoin hitting another high around $68,000 to $70,000, followed by major investors executing primary sell-offs.
Bitcoin's dominance is high, which reduces the likelihood of a severe crash. In my opinion, a logical decline would occur about a week after the halving.
An intriguing scenario would be Bitcoin hitting another high around $68,000 to $70,000, followed by major investors executing primary sell-offs.
Bitcoin's dominance is high, which reduces the likelihood of a severe crash. In my opinion, a logical decline would occur about a week after the halving.
