Why do I believe that 69,000 is not the top of Bitcoin for this market cycle?
Because of the growing fear in the market, we hear the phrase “bear market” at every drop, but not every drop is a bear market
I do not deny that what is happening now is a sharp drop, but I still believe that it is a correction and that the Bitcoin top has not yet been confirmed, and the uptrend still exists and my initial targets are between 70k to 75k.
As we can notice in the chart, Bitcoin has already got a strong support at 21 ema, on the weekly timeframe.
In addition to strong support at 50 Fibonacci level, and if the drop continues, 61.8 Fibonacci level will be a very strong support, and we will not talk about a bear market before breaking this price.
All these accumulated supports in addition to the on-chain data, all of this gives us an idea that we are still in a bull market.
* Not an advice to buy or sell.
* Do your own research.
* Entering the trade is on your own risk.
Let me know what you think in the comments.
Like if you agree.
Because of the growing fear in the market, we hear the phrase “bear market” at every drop, but not every drop is a bear market
I do not deny that what is happening now is a sharp drop, but I still believe that it is a correction and that the Bitcoin top has not yet been confirmed, and the uptrend still exists and my initial targets are between 70k to 75k.
As we can notice in the chart, Bitcoin has already got a strong support at 21 ema, on the weekly timeframe.
In addition to strong support at 50 Fibonacci level, and if the drop continues, 61.8 Fibonacci level will be a very strong support, and we will not talk about a bear market before breaking this price.
All these accumulated supports in addition to the on-chain data, all of this gives us an idea that we are still in a bull market.
* Not an advice to buy or sell.
* Do your own research.
* Entering the trade is on your own risk.
Let me know what you think in the comments.
Like if you agree.