In February, I published an analysis showing that the market could suffer declines if Bitcoin did not demonstrate sufficient strength. The market always needs to prove strength to continue advancing.
Today, I continue observing the structure of the chart and see two clear possible paths for Bitcoin.
If the market maintains strength, the levels I observe in the price advance are:
80 thousand
85 thousand
89 thousand
92 thousand dollars
These regions function as natural steps. The price needs to sustain each of them to continue advancing within the trend.
But the market always works in both directions.
If Bitcoin cannot maintain the 80 thousand region, the natural movement becomes to seek liquidity below. In this scenario of loss of strength, the levels I observe are:
76 thousand
74 thousand
72 thousand
68 thousand
64 thousand
62 thousand
58 thousand
up to 52 thousand dollars
Markets do not move in a straight line. They rise in stages and also correct in stages.
For this reason, my reading remains simple: Bitcoin needs to show strength to sustain the upper levels. Otherwise, the price may gradually return to lower regions before attempting a new movement.
The chart always reveals the way. Just observe carefully.
Today, I continue observing the structure of the chart and see two clear possible paths for Bitcoin.
If the market maintains strength, the levels I observe in the price advance are:
80 thousand
85 thousand
89 thousand
92 thousand dollars
These regions function as natural steps. The price needs to sustain each of them to continue advancing within the trend.
But the market always works in both directions.
If Bitcoin cannot maintain the 80 thousand region, the natural movement becomes to seek liquidity below. In this scenario of loss of strength, the levels I observe are:
76 thousand
74 thousand
72 thousand
68 thousand
64 thousand
62 thousand
58 thousand
up to 52 thousand dollars
Markets do not move in a straight line. They rise in stages and also correct in stages.
For this reason, my reading remains simple: Bitcoin needs to show strength to sustain the upper levels. Otherwise, the price may gradually return to lower regions before attempting a new movement.
The chart always reveals the way. Just observe carefully.