Bitcoin continued to consolidate between 60-61k yesterday. So far, 60k turned out to be a strong support level. Each dip to that level was bought up quickly. At the time, we see many altcoins bouncing nicely today. However, I don't think we are out of the woods yet and remain very cautious. Here's why:
‣ Bear Flag Pattern: Bitcoin continues to build a bear flag pattern. Bitcoin could go as high as 63k in this scenario without invalidating the bearish structure. Make sure to watch these lines!
‣ Decreasing Volume: A decreasing volume supports the bearish structure, which you definitely don't want to see after hitting bottom. However, right now, price and volume signal a strong divergence!
‣ Middle East Escalation: We might not have heard any breaking news from the Middle East during the last 48 hours. Nevertheless, it's only a matter of time. As soon as Israel launches a counterattack, Bitcoin and the crypto market will respond.
‣ Whales Not Buying: Whales are not yet rushing in as you would expect at the bottom. Check yesterday'S post for details.
Therefore, as much as I love to see the market bouncing, I remain bearish for the moment and am convinced that the price will go lower before moving higher.
המידע והפרסומים אינם אמורים להיות, ואינם מהווים, עצות פיננסיות, השקעות, מסחר או סוגים אחרים של עצות או המלצות שסופקו או מאושרים על ידי TradingView. קרא עוד בתנאים וההגבלות.