Hey, guys.
I hope you are well.
In the last review, I considered the rebound of bitcoin to the zone of 63K, and said that this is a long scenario, and you can consider buying for a minimum of 57K. Unfortunately, it happens that the market goes against the forecast and this time, we saw a fall and a breakdown of support 60 and 57K and at the moment, the price is trading around 55K. The activity of sellers is associated with the implementation of bitcoins by the German government, which put pressure on the quote.
The week closed -16%.
Spot Bitcoin ETF trades despite the price drop closed with a total inflow of 238 million, i.e. we can see that institutional players increased their position last week, but this does not mean that this is a local bottom and we should expect an immediate rebound, the point is that such large positions can take weeks to accumulate and for a large player the average price is important, so I am just pointing out this fact.
The onchain metrics show that
Technically the price has broken supports and is between the important zones of 57 which has now turned into resistance and the next zone of 52-48 K,
It is possible another wave of decline and testing this zone, as all those who bought the bottom put stops behind the low and +/- filter and if the low is caught, the price may go lower on Long squeeze. From the investment point of view, buying in the 57-48 range looks attractive and may give a good result in the long term.
For trading I am waiting for a set up, but I don't see where I can put a good stop.
Stay tuned.
