I flipped bullish around Aug- 2023 and I am very bullish today, read more to know why👇
After hitting an all-time high (ATH), it's typical for any tradable asset to make some retracement. It's crucial to monitor the situation closely to determine whether this downturn is merely a correction or the start of a prolonged downtrend.
The key difference between a retracement and the onset of a downtrend lies in whether the market shows interest in buying at lower prices.
We can observe that Bitcoin declined about 24%, but the market prevented it from falling below a certain price level, around $56,580. Following this, Bitcoin began to form higher highs, indicating signs of accumulation. Today's breakout further confirms this accumulation.
Looking ahead, there are three potential scenarios:
1. Continuation of bullish momentum. (bullish)
2. A minor pullback and retest of the breakout level (refer to the chart - marked by the orange dotted line) (bullish but sidelined)
3. A liquidity grab below the recent low, which could be advantageous for the market. (Cautious)
I remain bullish to neutral on all three scenarios, turning bearish only if Bitcoin falls below $56,400.
When extremely bullish? Above $74k, more so if it makes a retest after a break out above $74k
After hitting an all-time high (ATH), it's typical for any tradable asset to make some retracement. It's crucial to monitor the situation closely to determine whether this downturn is merely a correction or the start of a prolonged downtrend.
The key difference between a retracement and the onset of a downtrend lies in whether the market shows interest in buying at lower prices.
We can observe that Bitcoin declined about 24%, but the market prevented it from falling below a certain price level, around $56,580. Following this, Bitcoin began to form higher highs, indicating signs of accumulation. Today's breakout further confirms this accumulation.
Looking ahead, there are three potential scenarios:
1. Continuation of bullish momentum. (bullish)
2. A minor pullback and retest of the breakout level (refer to the chart - marked by the orange dotted line) (bullish but sidelined)
3. A liquidity grab below the recent low, which could be advantageous for the market. (Cautious)
I remain bullish to neutral on all three scenarios, turning bearish only if Bitcoin falls below $56,400.
When extremely bullish? Above $74k, more so if it makes a retest after a break out above $74k
Feragatname
Bilgiler ve yayınlar, TradingView tarafından sağlanan veya onaylanan finansal, yatırım, işlem veya diğer türden tavsiye veya tavsiyeler anlamına gelmez ve teşkil etmez. Kullanım Şartları'nda daha fazlasını okuyun.
Feragatname
Bilgiler ve yayınlar, TradingView tarafından sağlanan veya onaylanan finansal, yatırım, işlem veya diğer türden tavsiye veya tavsiyeler anlamına gelmez ve teşkil etmez. Kullanım Şartları'nda daha fazlasını okuyun.