More dumping?
On a higher timeframe (Weekly Timeframe), BTC's move is as expected as it broke the major descending channel it was once stuck in. Consequentially, it has been making a clear uptrend move (as seen in the highs and lows marked as (HH for higher high, HL for higher low).
This is nothing out of the ordinary. If we manage to touch/test the blue line as indicated (which is in between the 50 and 61.8 FIB), we need to get a higher timeframe (Daily-Weekly-Monthly) close above the blue line in order for this move to be a valid move to the upside.
Note that this analysis is purely based on BTC's chart on a higher timeframe. So yes, we may see more longs (buys)get liquidated for now.
On a higher timeframe (Weekly Timeframe), BTC's move is as expected as it broke the major descending channel it was once stuck in. Consequentially, it has been making a clear uptrend move (as seen in the highs and lows marked as (HH for higher high, HL for higher low).
This is nothing out of the ordinary. If we manage to touch/test the blue line as indicated (which is in between the 50 and 61.8 FIB), we need to get a higher timeframe (Daily-Weekly-Monthly) close above the blue line in order for this move to be a valid move to the upside.
Note that this analysis is purely based on BTC's chart on a higher timeframe. So yes, we may see more longs (buys)get liquidated for now.
