As you know, we went through a nice correction in the last two weeks. Yes, the correction was very good because the decline didn't go very deep and instead, it gained strength. The 93k level worked very well as support. Below that, the 73,000 level was also possible. But the 93 probability was higher.
Now let's come to today. Not much has changed. On the 4-hour chart, selling pressures continue. And the chart is about to give a SELL signal.
Everything is going well. In Bitcoin, there hasn't been any speculation or manipulation for at least 2 months. This is the Bitcoin I love and miss. Going its own way without listening to anyone or anything.
Bitcoin is actually trying to go down right now, not up. And buyers are not letting it fall below the 93,000$ level. So right now, there is a tough battle between those who want to buy cheap and those who want to sell expensive.
The chart shows a horizontal trend. Despite the daily chart suggesting a steep upward movement, the price has actually been consolidating between $73,000 and $99,800 for nearly 25 days.
Remember when we talked about the possibility of Bitcoin moving sideways for a long time instead of going up right away? That was a few weeks ago when prices dropped to around 67k.
Well, we're still in that situation. The price is stuck between 73k and 99k, and both of these levels could be easily broken. Once we're sure that the price is moving sideways, we can expect it to stay within a range between $52,000 and $110,000 or maybe even $120,000. I think the highest it could go is around $117,000. But let's not get ahead of ourselves. The main point is that Bitcoin will be moving sideways for a long time.
So, what do you think will happen to other cryptocurrencies (altcoins) during this period? Any predictions? Share your thoughts!
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