Bitcoin Quick Update Today| #50th Update
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Now BTC showing a bullish momentum according to the 4h chart & 1h chart.
Bitcoin is currently trading at $70740
I've included charts for 1D, 1W, and 4H timeframes below for reference.
👉 From my analysis, a correction to around $70500 or even as low as 70200 70000 seems probable in the coming hours. If the support at holds, we may see another pump with targets at $71800 and potentially $72000, 73760 Finall target and liq level for all short traders.
👉 Failing to maintain the 70000 support could lead to further downside, with 69800, 69500, 69300, and 68500 targets.
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👉 Notably, the One-Week heatmap shows a significant number of liquidation orders at $66750, totaling $645.70 million, while the $72000 area holds $440.74 million in short liquidation orders.
📍SHORT liquidation at 72000$
📍LONG Liquidation at 66750$
👉 Whales are actively involved in both sides' stop-loss hunts, so they usually hunt downside $66750 - $645.70 million first and then upside, making the $66500 area a key level to watch. Whales will shake out the retail and beginner traders, then make NEW ALL-TIME (ATH) possible.
👉 BTC breaks the Symmetrical Triangle on the 4-hour timeframe. The current trading action suggests a potential pump followed by a trendline retest. A successful retest could propel the price towards 72400 and even $73000.
According to the 4-hourly chart.
4h Chart
📍- Resistance: $71350
🟢- Support: $69950
According to the 1-hourly chart.
1h Chart
📍- Resistance: $71500
🟢- Support: $70000
Considering the retest, there are two scenarios:
1. A successful retest could lead to a rally towards $73000 ---> $82000
2. However, if the retest fails, we might see a decline towards $66500.
