Hi everyone! I’m back with a quick analysis since many of you have been asking for an update. Let's dive straight into the chart.
On the Daily chart, the MACD is showing a bullish signal, which is making a lot of traders believe that $49,000 was the bottom, prompting them to jump back into the market. However, at the same time, the EMA has crossed into a death cross pattern, which might leave you wondering what’s happening with BTC and what your next move should be.
From my perspective, BTC is currently trading within a range between $57,000 and $61,000, marked by my yellow box. If BTC breaks above $61,000, it could go bullish, but if it drops below $57,000, it could turn bearish. The best approach right now is to trade within this range and stay cautious until a clear breakout occurs.
In my ideal scenario, BTC will break out above $61,000, possibly reaching $62,000 to $63,000, or even higher, around $65,000. This would get everyone excited and back on the bullish trend. However, I believe a sharp drop back below $45,000 could follow. Why? Because the market often operates under certain rules: after giving traders hope, particularly after a dip to $49,000, BTC might rally above $61,000 only to lure people back in before the whales come in and dump the price hard.
It’s important to understand that whales are always looking to maximize their gains by squeezing out smaller traders. Don’t get fooled by temporary optimism.
I hope you found this analysis helpful. Remember to always do your own research (DYOR). If you enjoyed this post, please like, share, and subscribe. Thanks again for your support and patience. Wishing you all the best in 2024. Peace and love! ❤️
