Greed creates poverty ! Don't get TRAPPED
Bitcoin (BTC) is currently exhibiting a price action that suggests a potential retest before continuing its upward trajectory. While the overall trend remains bullish, there are indications that a short-term pullback could occur in the near future.
Abundant Liquidity Below Current Price:
On the hourly timeframe, BTC has left a significant amount of unfilled liquidity below the current price level. This liquidity gap suggests that there is a substantial supply of BTC waiting to be sold, which could act as a temporary resistance point.
Extreme Greed in Fear and Greed Index:
The Fear and Greed Index, which measures market sentiment, has reached the level of "Extreme Greed." This extreme sentiment often precedes market corrections, as investors become overly optimistic and disregard potential risks.
Potential Retest to 66k Support:
Given the abundant liquidity below the current price and the extreme greed sentiment, I anticipate a potential retest to the 66,000 support level before BTC resumes its upward momentum. This retest would provide an opportunity for new buyers to enter the market and absorb the excess supply.
Continued Uptrend to 80k:
Despite the potential retest, the overall bullish outlook for BTC remains intact. The horizontal accumulation range at around 60,000, coupled with the strong on-chain fundamentals, suggests that BTC is likely to continue its upward trajectory towards the 80,000 target and potentially beyond.
Caution and Strategic Entry:
While the potential for a retest to 66,000 presents an opportunity, it is crucial to exercise caution and not blindly chase falling prices. Investors should wait for confirmation of support and signs of bullish reversal before entering new positions.
Abundant Liquidity Below Current Price:
On the hourly timeframe, BTC has left a significant amount of unfilled liquidity below the current price level. This liquidity gap suggests that there is a substantial supply of BTC waiting to be sold, which could act as a temporary resistance point.
Extreme Greed in Fear and Greed Index:
The Fear and Greed Index, which measures market sentiment, has reached the level of "Extreme Greed." This extreme sentiment often precedes market corrections, as investors become overly optimistic and disregard potential risks.
Potential Retest to 66k Support:
Given the abundant liquidity below the current price and the extreme greed sentiment, I anticipate a potential retest to the 66,000 support level before BTC resumes its upward momentum. This retest would provide an opportunity for new buyers to enter the market and absorb the excess supply.
Continued Uptrend to 80k:
Despite the potential retest, the overall bullish outlook for BTC remains intact. The horizontal accumulation range at around 60,000, coupled with the strong on-chain fundamentals, suggests that BTC is likely to continue its upward trajectory towards the 80,000 target and potentially beyond.
Caution and Strategic Entry:
While the potential for a retest to 66,000 presents an opportunity, it is crucial to exercise caution and not blindly chase falling prices. Investors should wait for confirmation of support and signs of bullish reversal before entering new positions.
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