What we can observe here is that BTC has broken through the support that has been present for the past six weeks. It has retraced back into this support and is currently consolidating just above a key zone.
We notice that bear candles have a significant volume, but there aren't many big moves happening anymore. This effort-result imbalance suggests there is a hidden distribution taking place. As a result, a downward movement may occur.
I recommend refraining from trading a few days before and after the halving event. Instead, it would be advisable to hold onto your BTC and look for a fair price. Stay safe!
We notice that bear candles have a significant volume, but there aren't many big moves happening anymore. This effort-result imbalance suggests there is a hidden distribution taking place. As a result, a downward movement may occur.
I recommend refraining from trading a few days before and after the halving event. Instead, it would be advisable to hold onto your BTC and look for a fair price. Stay safe!
Comment:
The key support area broke when the market completed its distribution with large volume bearish candles. I am now looking to buy at prices around 56-58K, which I consider fair.