Bitcoin Is A Beast — Are We Over The Hump?
Yesterday was another day when social media was flooded with "we are going to 40k" posts.
As soon as Bitcoin drops a few percent, doom posts flood the timelines.
So, let's take a relaxed look at what happened yesterday.
Yes, Bitcoin dropped. Moreover, it lost an important support between 58 and 57k. I've mentioned this level several times and highlighted that a drop below could lead to more downside potential—particularly to 54k.
However, as mentioned in many posts, there's nothing more important than waiting for confirmation on a higher timeframe. For example, if you look at the 4H chart, you can see that we did not close below 57k and had no confirmation of a downtrend.
Therefore, Bitcoin, once again, did the opposite of what everybody expected. Instead of a massive drop, it reversed and is climbing nicely today.
Does that mean the storm is over? Probably not. We are simply back where we were before—between 58k and 60k. So, the choppy sideways move continues with lots of volatility.
The story remains the same: As long as we don't have a decisive close on a higher timeframe above 60k or below 58/57k, everything is just noise...
Have a great day!
👉 Did you like this content? Make sure to vote for me. Visit my profile (@Ben Walther ), hit the Vote Button, and get a chance to win some amazing prizes.
