#BITCOIN Will Dump Again ⁉️
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- The market experienced a significant drop yesterday, falling to $58,400, a level not seen since April 30th.
- The 1-hour time frame shows a decent recovery, which is a bullish sign.
- On the 12-hour time frame, the market did not break below a significant support level at $60,000.
♦️ German Government Moving Bitcoin:
- The German government moved $24 million in Bitcoin, a small amount compared to the market volume of $42 billion.
- The impact of this move on the market is uncertain.
♦️ Market Analysis:
- The market is currently in a consolidation phase between $57,000 and $72,000.
- The main support level is at $57,000, and as long as it holds, the market remains in consolidation.
- If the support level breaks, the market may turn bearish, with potential support levels at $50,000 and $44,000.
♦️ Bottom Signals:
- The RSI touched 25 yesterday, a level not seen since August 20th, which is a major bottom signal.
- There is a bullish divergence on the 1-hour time frame, indicating a potential bottom.
♦️ Breakout Scenario:
- To confirm a bottom, the market needs to break above $62,000.
- If the breakout occurs, it could lead to a bullish continuation up to $64,500 or higher.
♦️ Conclusion:
- The market is waiting for a breakout, and due to bottom signals, a bullish breakout is more likely.
- However, confirmation is needed before making any trading decisions.
