AlanSantana

πŸ…±οΈ Bitcoin Hit Highest Price Since December 2021 But...

Short
AlanSantana Updated   
INDEX:BTCUSD   Bitcoin
But just hit a new high today and the highest price since December 2021, believe it or not, more than two years ago.

βž– This is a bullish development of course but doesn't necessarily means that Bitcoin will move ahead and hit anew All-Time High, in fact, correction potential becomes stronger after this move. What can change though is the low for the next correction... The higher it goes now, before the drop, the higher the low when the correction takes place.

Based on current price action, it is possible we won't be seeing 20/22K anymore.
πŸ‘‰ The next correction bottom for us now stand between 30,000 and 26,000.

Thank you for reading.
Remember to comment with your market views and opinion.

Your support is highly appreciated.

Namaste.
Comment:
My dear friends, the markets can be very tricky. While Bitcoin produced a new high yesterday compared to 11-Jan, this is technically a double top.

A double top is a top/peak signal and points to weakness after confirmation. Meaning, if Bitcoin drops now a double top is confirmed and thus we are set to see lower prices.

You can confirm that this move is just a stop-loss hunt event by looking at the Altcoins, I've been tracking quite a few of those.

Solana, Cardano, Dogecoin, Ethereum, Injective, Avalanche, etc. all failed to produced a new high, they all stayed within a lower high and this confirms the bearish bias. If Bitcoin is set to continue higher, they would all follow as well but this is not what we are seeing.

Binance Coin also remains within a lower high as well as Tron and Kaspa.

The Altcoins vs Bitcoin pairs tend to drop strong when Bitcoin moves up.
The fact that these pairs remain bullish and are in fact growing is a bearish signal for Bitcoin.

They are growing because Bitcoin is about to enter a correction.
This last move is just a liquidity hunt/stop-loss activation move.

We continue 100% bearish.

Patience is key.

Thanks a lot for your amazing support.

Remember, I get hundreds and hundreds of messages, please understand my position... I cannot give my time and energy to spammers and trolls. I am sorry, I've done it and it just doesn't work.

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Namaste.

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