This current move we are witnessing on BTCUSDT trading pair has the smell of a shakeout, it is just happening too fast and too strong. But, let us consider all the signals before reaching any conclusions.
➖ We have a lower high 7-Jan., when we compare to the peak 17-Dec. This is a bearish signal.
➖ Trading volume is relatively high. It is the highest since the previous drop. The volume is red, which is also a bearish signal.
➖ $430,000,000 Total liquidated in the last 24 hours.
➖ Both the lower high and high bearish momentum points toward lower prices. There is very strong support around $90,000 and $92,000. Bitcoin is ultra-bullish above these levels, market conditions remain the same.
While we have some bearish action today and this action is very strong, this can end up being just a shakeout. After the over-leveraged trades are liquidated, the market can resume with its growth.
This is all part of the consolidation period, the sideways action.
Nothing changes, Bitcoin is going up!
Namaste.
Note🚨🚨
Very likely that this shakeout move will end up producing a new higher low, which would translate into a bullish signal. This is just speculation so far as the lower high is bearish but we know there is consolidation required before a major bullish wave.
We are also aware of the Mars retrograde that started 7-Dec. and Bitcoin slowed down to a halt. Sideways is needed until the end of the retrograde or close. Mars goes direct again on the 23rd of February 2025. At this point, the entire market will produce an immense rise.
This time is a huge opportunity to buy and accumulate your favorite Altcoins before the major 2025 bull-market bull-run. See the ETCUSDT trade idea for more information. We only have 1-3 months of straight up on some pairs. Other pairs have been growing for months and will grow 12 months straight. These are the exception not the norm. Once everything starts happening, it will be really fast. The market is giving you one last chance to buy-up and position yourself.
Thank you for reading.
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Namaste.
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