As BTC is grinding lower and lower there are still two potential scenarios that could happen in the upcoming days. First there is the support area where we are in right now at the time of writing (orange box). I still see it as being quite good of a support area and also a resistance during the summer of last year.
This is why i think that if this orange price area holds for now it could trigger massive short-squeeze to the upside, where if it breaks above orange area we could expect to even go as high as reaching to 55k area (green box), but of course not further. This is where it is expected for the price to reverse from (if such short-squeeze even happens). 54-60k is such a massive resistence that i don't see it breaking until the next bull run, years in the future.
If the short squeeze happens or not i still expect BTC to dip into a capitulation area (red box) eventually.
I am not a financial advisor so non of this should be taken as a financial advise. Be Well.
BTCUSDT
This is why i think that if this orange price area holds for now it could trigger massive short-squeeze to the upside, where if it breaks above orange area we could expect to even go as high as reaching to 55k area (green box), but of course not further. This is where it is expected for the price to reverse from (if such short-squeeze even happens). 54-60k is such a massive resistence that i don't see it breaking until the next bull run, years in the future.
If the short squeeze happens or not i still expect BTC to dip into a capitulation area (red box) eventually.
I am not a financial advisor so non of this should be taken as a financial advise. Be Well.
BTCUSDT