‼️BITCOIN UPDATE: $76K / $78K RELIEF PUMP OR FURTHER DOWNSIDE?
If we talk about Bitcoin’s current situation, BTC touched $72,700 today.
At the moment, almost all the available news and market developments are indicating a bearish trend. However, whenever the market becomes extremely bearish and an excessive number of short or long positions are opened, we often see sudden fake pumps or dumps, regardless of the news, simply to liquidate traders and grab liquidity.
My current focus is on the $77K / $78K zone. I still believe BTC should at least move towards $76K because there is a considerable amount of short-position liquidity available around these levels.
Personally, I am bearish. In fact, I don’t think anyone could be more bearish than me right now, considering how closely I’ve been analyzing every single development and sharing my market observations over the past few weeks. If you go through my previous posts, you’ll get a clear idea of how accurately I’ve been explaining the market’s direction.
However, even if Bitcoin is supposed to drop further, from a technical perspective, it is important for BTC to challenge its resistance levels and fail to break above them. There is still a high probability that this scenario could play out.
On the other hand, if Bitcoin fails to make that move and continues dropping from here, we still have another strong support zone between $69K and $71K, which is currently an important area to watch.
Now, the main thing is to see which of these scenarios plays out first.
Anyway, anyone looking for guidance just let me know.
$BTC
#HotCPIDecemberHikePriced #BitcoinFiveWeeklyLosses
If we talk about Bitcoin’s current situation, BTC touched $72,700 today.
At the moment, almost all the available news and market developments are indicating a bearish trend. However, whenever the market becomes extremely bearish and an excessive number of short or long positions are opened, we often see sudden fake pumps or dumps, regardless of the news, simply to liquidate traders and grab liquidity.
My current focus is on the $77K / $78K zone. I still believe BTC should at least move towards $76K because there is a considerable amount of short-position liquidity available around these levels.
Personally, I am bearish. In fact, I don’t think anyone could be more bearish than me right now, considering how closely I’ve been analyzing every single development and sharing my market observations over the past few weeks. If you go through my previous posts, you’ll get a clear idea of how accurately I’ve been explaining the market’s direction.
However, even if Bitcoin is supposed to drop further, from a technical perspective, it is important for BTC to challenge its resistance levels and fail to break above them. There is still a high probability that this scenario could play out.
On the other hand, if Bitcoin fails to make that move and continues dropping from here, we still have another strong support zone between $69K and $71K, which is currently an important area to watch.
Now, the main thing is to see which of these scenarios plays out first.
Anyway, anyone looking for guidance just let me know.
$BTC
#HotCPIDecemberHikePriced #BitcoinFiveWeeklyLosses
