In my last couple of BTC analysis I've had a fairly bearish outlook on Bitcoin's price action. See below:
Seeing that BTC is currently experiencing a strong surge in price, I'm willing to look at the market with a more bullish perspective if BTC manages to break through the top purple resistance.
For now, I'm anticipating a rejection from said resistance because bears are still in control, and it's more likely that it will stay that way. An aggressive bear might want to make an entry from the top resistance and ride the wave down to the September lows.
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Lmao
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A daily close above 27.5k would invalidate this area, plus I'll switch my short-term stance to bullish.
the move up was expected and this dump was also expected. Bulls have last chance to rally within next few days after that probably down to around 22k(anywhere from 23 to 20k we know where the next support is). A lot of people are calling 23k but I think that it will go much lower. Right now the psychology is still super optimistic because there wasnt lower low technically. I think we will see some panic on this dump. I mean, its enough to look at the most popular posts where they calling 100k soon, I wouldnt be surprised if 80% of the people were still balls deep in the long. Tehre hasn't been realization yet of whats going on, heads still in the clouds
@FieryTrading, I can't be bothered with drawing my own chart so I am just gonna link you another decent analysis. Know, however, that the analysis I am linking is just an example, I use other tools than the guy, but that analysis isnt bad
also this entire setup is also a fairly common pattern, we have seen something more or less identical back in 2021 on the way down. Anyway, it'd be unprofessional to only focus on one side of the story but now its became increasingly more clear with this rejection
TheCryptagon
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This trade failed , the trendline broke and part of the reason is that the market is making higher lows as we are inside a bull cycle. For me it is beyond doubt that we have seen the bottom and here is how I think the trend will play out next:
FieryTrading
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@TheCryptagon, How many times are you going to post this analysis on 1-week old posts? 😂😂