Fall to $40K Support: Bitcoin has recently fallen to the $40K support level, struggling to surpass the $45K mark.
Retesting Key Breakout Levels: BTC is currently retesting the $40K breakout and a crucial trendline from a rising channel.
Potential for Post-Retest Reversal: There's a possibility for a reversal post-retest, which could propel BTC price above the $45K barrier.
First Bearish Week After Bull Run: Bitcoin is potentially facing its first bearish week after an extended eight-week bull run.
5.81% Drop on Monday: The week started with a notable 5.81% fall, indicating a phase of profit booking.
Possibility of Correction to $37,700: Increasing selling pressure might lead to a more extended correction, possibly down to $37,700.
Current Trading Price: Bitcoin is trading at $41,030, with a bearish candle formation indicating current struggles.
On-Chain Data Analysis: Historical data shows that long-term holders have generally seen gains, with pullbacks from ATH decreasing in intensity over time.
Buying the Dip Strategy: If Bitcoin sustains above $40K, it could aim for $50K, potentially setting a new 52-week high.
Risk of Retesting Lower Supports: Failure to maintain above $40K could extend the correction, with a retest of $37,700 being a crucial support level.
Retesting Key Breakout Levels: BTC is currently retesting the $40K breakout and a crucial trendline from a rising channel.
Potential for Post-Retest Reversal: There's a possibility for a reversal post-retest, which could propel BTC price above the $45K barrier.
First Bearish Week After Bull Run: Bitcoin is potentially facing its first bearish week after an extended eight-week bull run.
5.81% Drop on Monday: The week started with a notable 5.81% fall, indicating a phase of profit booking.
Possibility of Correction to $37,700: Increasing selling pressure might lead to a more extended correction, possibly down to $37,700.
Current Trading Price: Bitcoin is trading at $41,030, with a bearish candle formation indicating current struggles.
On-Chain Data Analysis: Historical data shows that long-term holders have generally seen gains, with pullbacks from ATH decreasing in intensity over time.
Buying the Dip Strategy: If Bitcoin sustains above $40K, it could aim for $50K, potentially setting a new 52-week high.
Risk of Retesting Lower Supports: Failure to maintain above $40K could extend the correction, with a retest of $37,700 being a crucial support level.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.