LIVEWhat's going on with Bitcoin? Bullish or Bearish? How to trade the ATH? What about Alts?
This post is primarily meant for traders. Lets keep the fundamentals aside and only look at the chart with the information that's in front of us.
There are two crucial levels here, let's call them A and B.
Both A and B levels were approached in 2021.
Whats common between A and B is that both of these levels did form the ATH in 2021.
Level A was approached followed by a 55% downtrend.
Level B was approached followed by a 77% downtrend.
Today, Bitcoin has breached the Level A, but we saw some selling above B (ATH), which means that the market is not accepting higher prices and there is some supply that needs to be absorbed.
A weekly close above Level B means a confirmed ATH breakout with breakout continuation, easy flight to 80K and beyond with 'ATH euphoria'.
There is also a very high probability of BTC re-visiting Level A (~64.8K) - Technically the ATH breakout continuation will still be valid if we stay above A, but Alts will bleed the strongest.
I believe some juicy Alt prices are along the way.
Credit goes to = Haroon Baig
