Bitcoin's next move - moon to 60? Or dump to 30?
Updated
Given the fact that we have good historical data for this price range, the key S/R levels are already known. With what appears to be a lot of accumulation going on this week, what will happen next?
This analysis looks at what appears to be a slightly descending channel which has resulted in a lot of chop. The big drop preceding brought with it a lot of liqs and there may be many that are hesitant to enter a position in this range. This range is definitely worth waiting for confirmation of continuation or reversal.
I feel like it will be hard to break 50, let alone 52 before testing the 44-45 level again. If the 44 level is broken, I expect high chances that it will continue to drop with probably a DCB at 40k.
Be very careful when trading this range as there are a lot of unknowns. I would advise against alts until we know which direction as alts get rekt when BTC moves even a little bit in a downwards continuation. The first opportunity I would look at alts would be if it breaks 50 and can turn 50 from resistance into support. You will probably pay a bit of a premium because people will likely jump in at high 48 or 49, but it's not worth the risk.
This analysis looks at what appears to be a slightly descending channel which has resulted in a lot of chop. The big drop preceding brought with it a lot of liqs and there may be many that are hesitant to enter a position in this range. This range is definitely worth waiting for confirmation of continuation or reversal.
I feel like it will be hard to break 50, let alone 52 before testing the 44-45 level again. If the 44 level is broken, I expect high chances that it will continue to drop with probably a DCB at 40k.
Be very careful when trading this range as there are a lot of unknowns. I would advise against alts until we know which direction as alts get rekt when BTC moves even a little bit in a downwards continuation. The first opportunity I would look at alts would be if it breaks 50 and can turn 50 from resistance into support. You will probably pay a bit of a premium because people will likely jump in at high 48 or 49, but it's not worth the risk.
Note
Looks to be right on track!
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