Bitcoin appears to be encountering resistance around the $48K mark, although the current momentum doesn't seem robust enough to initiate a downward correction. The prospect of a surge towards the upper band on the chart, aimed at clearing out SELL liquidity entirely, appears more plausible to me today, given the relatively subdued response from BEARS thus far.
An intriguing observation is the withdrawal of many large SELL orders positioned at $48K, which momentarily halted the ascent. However, following a dip to $47K, a significant portion of these orders quickly reappeared, reinforcing the resistance at $48K.
Meanwhile, large-scale purchases seem to have dissipated, revealing a notable absence of buy walls in the $40K to $42K range, albeit in smaller orders compared to the SELL side.
A closer examination of Bitcoin's price in conjunction with the 100/200 EMAs across various timeframes—ranging from hourly to monthly—reveals an extraordinary and potentially unsustainable scenario. Sustaining this upward trajectory would necessitate a substantial influx of spot purchases, which currently appear to be waning.
As we approach the weekend, it's important to acknowledge the inherent volatility of prices during this period, underscoring the need for caution.
Amidst the current consolidation phase within the $47K range, a retracement to around $46,100 seems plausible as an initial step, providing a clearer perspective on potential future price action. Whether we proceed towards $51K or experience a reversal, both scenarios are likely to be fiercely contested, underscoring the uncertainty prevailing in the market.
Given the potential for price fluctuations over the weekend, it may be prudent to set alarms and temporarily shift focus away from the charts to enjoy time with family. Rest assured, the market will remain here upon return, offering ample opportunities for analysis and decision-making.
Disclaimer: This stellar analysis comes straight from the insightful Ualifi Araújo ( X - ualifiaraujo ), a beacon of wisdom in the crypto realm. Shared with permission.
$BTC
