Bitcoin is breaking records, which many are very happy about. However, I would be careful with hasty emotions. This coin has given us hopes many times.
Firstly, we must not forget that we are already on a downtrend, in May 2022 the structure was broken and moreover, before it happened, Bitcoin took liquidity (very important fact) that's why the probability that Bitcoin will update the high is very unlikely. However, it is possible (in our world everything is possible).
I see two scenarios for next possible moves:
* continuation of a downtrend
* making a higher high by breaking max historical level (>$69 000)
Scenario 1
Continuation of a trend down is more logical because
1) price reached strong Fibonacci level (3.272) and massive drop took place.
2) before choch happened liquidity was taken
3) price reached weak Fibonacci extension level (1.29), as normal price reverses at levels 1.62 or 2.0, so for me there is potential for more movement down to 1.62 level.
4) I've drawn a liquidity area just near 25% Fibo correction. Two very important level at the same place!!!
Scenario 2
Price reached 25% Fibo correction and continuing breaking the highs.
Let's see how it goes:)
Firstly, we must not forget that we are already on a downtrend, in May 2022 the structure was broken and moreover, before it happened, Bitcoin took liquidity (very important fact) that's why the probability that Bitcoin will update the high is very unlikely. However, it is possible (in our world everything is possible).
I see two scenarios for next possible moves:
* continuation of a downtrend
* making a higher high by breaking max historical level (>$69 000)
Scenario 1
Continuation of a trend down is more logical because
1) price reached strong Fibonacci level (3.272) and massive drop took place.
2) before choch happened liquidity was taken
3) price reached weak Fibonacci extension level (1.29), as normal price reverses at levels 1.62 or 2.0, so for me there is potential for more movement down to 1.62 level.
4) I've drawn a liquidity area just near 25% Fibo correction. Two very important level at the same place!!!
Scenario 2
Price reached 25% Fibo correction and continuing breaking the highs.
Let's see how it goes:)