$BTC is consolidating right now, but could it still dip to the $55K or $51K region? Let's dive into the details.
In our last post, we mentioned that BTC would consolidate here and create liquidity on the lower side. But how can more liquidity be generated? In this post, we'll explore some psychological insights and technical analysis to explain what's happening.
BTC is still looking bearish, and we could see a dip to the $55K region after some more consolidation. As discussed, there's not much liquidity on the downside, and with everyone feeling bullish, the market may need to shake things up. The way to do that? Dump BTC, create panic, and trigger liquidations at lower levels.
They'll likely show a Break of Structure (BOS) next, which could tempt more people to open long positions, only to get liquidated when the price drops. So, where might BTC find support?
Hereโs what weโre watching:
1. $54,700 - $55,350: If the market consolidates for another 6-10 hours and then dips, we could see a quick bounce from this region. We'll be buying more with 40% of our remaining funds here.
2. In an unpredictable scenario, BTC could dip to $51K. We'll use another 20% of our funds to buy at this level. While a bounce from the $55K region is more likely, it's always smart to be prepared for the unexpected.
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