BTC Showing Signs of Weakness!!
Hey everyone,
BTCUSDT is still moving within its channel following the recent 30% drop. The recent bounce was quite strong, indicating some bullish sentiment. BTC managed to hold the weekly close above the support at 57,894.
However, we're seeing some changes as BTC is starting to look bearish on shorter timeframes. Sudden price pumps followed by dumps could be risky for market sentiment. BTC has been trending downward on lower timeframes, as 50SMA is crossing 200SMA. So, closing above 62k on the daily chart is crucial to maintain a bullish outlook. Right now, BTC is struggling to stay above 62k, which is adding to the bearish sentiment.
Here are two scenarios to watch:
Scenario 1: If BTC fails to hold 62k, we might see a drop to $53,102 - $48,823, and if it breaks below $48,823, the next support level could be $38,616.
Scenario 2: A daily close above 62k could provide temporary relief and shift the market to a more bullish zone.
For now, I'm keeping an eye on a daily close above $62,102 for a bullish signal and a weekly close above $57,800 for confirmation. Avoid high-leverage trades, use tight stop-losses, and be prepared for a choppy market.
Happy trading!
BTCUSDT is still moving within its channel following the recent 30% drop. The recent bounce was quite strong, indicating some bullish sentiment. BTC managed to hold the weekly close above the support at 57,894.
However, we're seeing some changes as BTC is starting to look bearish on shorter timeframes. Sudden price pumps followed by dumps could be risky for market sentiment. BTC has been trending downward on lower timeframes, as 50SMA is crossing 200SMA. So, closing above 62k on the daily chart is crucial to maintain a bullish outlook. Right now, BTC is struggling to stay above 62k, which is adding to the bearish sentiment.
Here are two scenarios to watch:
Scenario 1: If BTC fails to hold 62k, we might see a drop to $53,102 - $48,823, and if it breaks below $48,823, the next support level could be $38,616.
Scenario 2: A daily close above 62k could provide temporary relief and shift the market to a more bullish zone.
For now, I'm keeping an eye on a daily close above $62,102 for a bullish signal and a weekly close above $57,800 for confirmation. Avoid high-leverage trades, use tight stop-losses, and be prepared for a choppy market.
Happy trading!
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