Looking at BTC on the 4-hour time frame it is obvious to see that it has been creating higher lows on each dump consistently. The fact that Bitcoin is creating these higher lows means that it is still in its bullish trend and that this most recent dump was just a sell off, not the big short just yet.
What’s interesting to note is that Bitcoin on this dump down didn’t completely sell off to $41,337 yet or hasn’t regained $54,028 as support yet which means its basically trading in no mans land at the moment. There’s no levels for Bitcoin to bounce off of right now and that makes it very difficult and strange to trade.
From here, a scenario that I see playing out for Bitcoin is that it regains the $54,028 level as support and goes for the $68,000 LONG level. The other bearish scenario is Bitcoin loses this higher low level and retouches $41,337 before moving back up. This would create a significant distress in Bitcoin’s momentum and would completely change the sentiment.
What’s interesting to note is that Bitcoin on this dump down didn’t completely sell off to $41,337 yet or hasn’t regained $54,028 as support yet which means its basically trading in no mans land at the moment. There’s no levels for Bitcoin to bounce off of right now and that makes it very difficult and strange to trade.
From here, a scenario that I see playing out for Bitcoin is that it regains the $54,028 level as support and goes for the $68,000 LONG level. The other bearish scenario is Bitcoin loses this higher low level and retouches $41,337 before moving back up. This would create a significant distress in Bitcoin’s momentum and would completely change the sentiment.
