#BTC Market Outlook
This morning, Bitcoin opened with a big positive line. It surged 1.64% and tested 64,000, but was rejected and pushed back to the current level of 63,450.
The chart shows that Bitcoin has come out of the "cup and handle" pattern, which often indicates a strong rebound.
Since the start of the cup, Bitcoin has been adjusting through the resistance area. After reviewing the market, we can easily find that these adjustment actions correspond to the rising trend line that started on October 3.
The current resistance of Bitcoin is right at the top of the trend line in this area. 64,000 is a strong resistance. I don’t know if anyone still remembers that this position once allowed Bitcoin to break a new high.
But this current resistance does not seem to last long, and it will definitely be tested repeatedly in the short term.
From the moving average, we can clearly see that the 200 moving average crosses the smaller moving average, indicating that the price is rising. Soon we will see a golden cross on the hourly chart of Bitcoin, and the price will start to surge before that, most likely breaking through 64,000. This area rejected the price in the past week, and it is possible that the next time it is touched, it will break through and cross.
Currently, the liquidity heat map shows that most of the liquidity is below 64,000, and the price should move downward, but this is all part of the correction.
The whale order chart shows that whales are shorting Bitcoin, but this looks more like a trap, and the bullish momentum is rising.
History tells us that whenever the market is filled with too much bullish sentiment or becomes an overconfident bull, Bitcoin will suddenly collapse and liquidate those buyers.
We saw this last week.
In addition, when the market cools down, it looks like Bitcoin is moving slowly and will not surge in the near future, and even whales start to short Bitcoin, the market will suddenly surge, shocking everyone.
Similar scenarios can be seen accumulating in the current market. Friends must stay vigilant and guard their positions to avoid unnecessary losses.
I am Lao Li, welcome to communicate!
