Finally, the market perked up and began to show at least some volatility. Bitcoin is now actively trying to gain a foothold above $30,000 after breaking out of the bearish Up Wedge pattern. The volume of current growth is very low, and indicators on all timeframes have entered the overbought zone.
As they said in the last post, $30,000 is a very important and psychological mark. Such an important level must be broken through on high volume, which is not yet visible. At the same time, the speedometer of fear and greed in the market is greed.
❗️It is important to wait until today closes. If the price closes today above $30,000, then we can expect the price to continue its rally up to $35,000. But a full consolidation above $30,000 can only be confirmed after the current weekly candle closes! Let us repeat once again, $30,000 is a psychological mark, which means that if it consolidates above this level, maximum FOMO will be activated for many market participants and the majority will run to buy at current prices without waiting for a correction. In this case, the price will have enough reasons to start a correction, because everyone will already be head over heels in positions.
Also, now, surprisingly, a lot of shorts have opened on the market, which means there is still fuel for continued growth.
Be careful now especially with new purchases. For now, we interpret this movement as a false breakout. Therefore, we are waiting for confirmation signals of the breakout of $30,000 to make trading decisions.
💰 As has been said many times before, it is not worth selling your entire Bitcoin position as we are only in a nascent bull market. For psychological peace of mind, you can close a small part of the position. Also, prepare funds before purchasing the cue ball after the upcoming correction.
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