BTC - trying to flip 58-59k resistance to support
It's weekend and usually we don't see any significant price action during it.
BTC is currently oversold and we could expect some bounce back to retest breakout point.
This structure is reminiscent of last distribution before big dump to 30k (maybe it's not coincidence).
At this point I see BTC next week at 62-63k level to retest break down zone.
Too many longs are liquidated, it's to early for big upside action. 2w consolidation or even another leg down to 50-52k (wick even lower under 50k wouldn't surprise me). Take a look at last BTC distribution before big dump to 30k. It is very similar to current situation. Don't get to bullish and FOMO until we reclaim 66k level.
BTC long/short ratio is still too high (dumped to 20:1, now it is 30:1). I believe whales would like to reduce it under 10:1 to load up and clean all others.
I will risk 20-30% of portfolio at 62-63k levels and sell in hopes of another leg down to load up even more for next bullish targets.
That's why I might have to buy at higher levels but I'm ready to risk. You should DYOR and decide for yourself.
If you like analysis please consider leave a like or comment! Thanks!
BTC is currently oversold and we could expect some bounce back to retest breakout point.
This structure is reminiscent of last distribution before big dump to 30k (maybe it's not coincidence).
At this point I see BTC next week at 62-63k level to retest break down zone.
Too many longs are liquidated, it's to early for big upside action. 2w consolidation or even another leg down to 50-52k (wick even lower under 50k wouldn't surprise me). Take a look at last BTC distribution before big dump to 30k. It is very similar to current situation. Don't get to bullish and FOMO until we reclaim 66k level.
BTC long/short ratio is still too high (dumped to 20:1, now it is 30:1). I believe whales would like to reduce it under 10:1 to load up and clean all others.
I will risk 20-30% of portfolio at 62-63k levels and sell in hopes of another leg down to load up even more for next bullish targets.
That's why I might have to buy at higher levels but I'm ready to risk. You should DYOR and decide for yourself.
If you like analysis please consider leave a like or comment! Thanks!
Comment:
So far so good. Once upper boundary is broken we should see 62-63k region!