The market today showed us a classic and professional "Pump & Dump" movement. We saw how the price shot up past 108,100$ and then crashed down to the ground in moments.
This movement has a clear message: the market is currently in the hands of the big whales 🐋, and the fluctuations are very violent.
What's the gist? The current situation is very dangerous for speculation. The overall trend has started to lean downwards after breaking strong support. I expect the price to continue falling to test the psychological support areas at $107,750.
A heartfelt advice: If you are not in the market, don’t miss out now. And if you are selling, secure your profits. Entering under such conditions is akin to gambling. Patience is the best strategy right now.
BTC/USDT 🩸 • Bitcoin Massacre and Violent Collapse Explanation of what happened: What happened with Bitcoin is not just a drop; it is a "massacre" in every sense of the word. After the price was calm and playing above 120,000, suddenly it faced an abnormal sell-off that dropped it vertically. The chart shows us a scary red candle that broke all the supports in its way as if they were non-existent, plunging the price from 120,000 to a bottom of 102,000 dollars in just a few hours.
What could happen now? 1. Temporary rebound (fake rise): After every strong drop, it is very normal to see a small rebound upwards, and that is what is happening now. The price is trying to recover a bit from its losses. This rise could reach areas of 115,000 or 119,000 (these areas were support and have now become resistance). 2. Negative scenario: Despite this small rise, the overall situation has become completely negative. The bottom recorded at 102,000 is now the most important psychological support. If the price fails to continue rising and falls back, it might test this bottom once again.
In summary: The market took a serious hit that changed all its balances. The outlook has become negative in the medium term. The current rises are mostly just a correction of the large downward wave. Those thinking of buying now are taking a very big risk because the sellers are the ones holding the market.
Bitcoin is currently at the peak of its upward wave, facing its first real test of the strength of this rise. After reaching a new peak at $125,708, we have seen the initial appearance of sellers, and the price has started to correct slightly. The current movement is a "tug of war" between those taking profits above and those still convinced of the rise and buying in hopes of breaking the peak.
Important Technical Points: * The last peak (the ceiling): The area 125,708$ is now the most important resistance. Any attempt to break it and fail will confirm the beginning of the correction. * The first support (the floor): The area $121,960. This area is the first line of defense for buyers. Staying above it maintains the positive outlook.
Possible Scenarios: 1. Positive accumulation scenario: The price may continue to move sideways for a while between the support 122,000$ and the resistance $125,700, to gather momentum before attempting to break the peak again. 2. Negative correction scenario: If the support at 122,000$ is clearly broken, this will signal the beginning of a deeper correction wave, which could take us to the $119,300 areas.
The general trend is still upward, but the momentum has started to weaken. The current period is one of monitoring and caution. Breaking the last peak means the party continues, while breaking the first support means the beginning of cooling off and profit-taking.