Significance of the $BTC Bullish Breakout:
I flipped bullish around Aug- 2023 and I am very bullish today, read more to know why👇
After hitting an all-time high (ATH), it's typical for any tradable asset to make some retracement. It's crucial to monitor the situation closely to determine whether this downturn is merely a correction or the start of a prolonged downtrend.
The key difference between a retracement and the onset of a downtrend lies in whether the market shows interest in buying at lower prices.
We can observe that Bitcoin declined about 24%, but the market prevented it from falling below a certain price level, around $56,580. Following this, Bitcoin began to form higher highs, indicating signs of accumulation. Today's breakout further confirms this accumulation.
Looking ahead, there are three potential scenarios:
1. Continuation of bullish momentum. (bullish)
2. A minor pullback and retest of the breakout level (refer to the chart - marked by the orange dotted line) (bullish but sidelined)
3. A liquidity grab below the recent low, which could be advantageous for the market. (Cautious)
I remain bullish to neutral on all three scenarios, turning bearish only if Bitcoin falls below $56,400.
When extremely bullish? Above $74k, more so if it makes a retest after a break out above $74k
After hitting an all-time high (ATH), it's typical for any tradable asset to make some retracement. It's crucial to monitor the situation closely to determine whether this downturn is merely a correction or the start of a prolonged downtrend.
The key difference between a retracement and the onset of a downtrend lies in whether the market shows interest in buying at lower prices.
We can observe that Bitcoin declined about 24%, but the market prevented it from falling below a certain price level, around $56,580. Following this, Bitcoin began to form higher highs, indicating signs of accumulation. Today's breakout further confirms this accumulation.
Looking ahead, there are three potential scenarios:
1. Continuation of bullish momentum. (bullish)
2. A minor pullback and retest of the breakout level (refer to the chart - marked by the orange dotted line) (bullish but sidelined)
3. A liquidity grab below the recent low, which could be advantageous for the market. (Cautious)
I remain bullish to neutral on all three scenarios, turning bearish only if Bitcoin falls below $56,400.
When extremely bullish? Above $74k, more so if it makes a retest after a break out above $74k