$BTC closed a bad weekly candle, the daily frame yesterday pierced EMA34. H4 pierced EMA200. EMA34 crossed down EMA89 in the H4 frame, all signals are currently negative according to technical analysis and Bitcoin may head towards deeper support at 89k - 86k.

But this could also be a fake technical pattern to lure Short traders because looking at the current liquidity, the Short side has doubled the Long side, now there is only one possibility that the market makers push back a nice chart reversal + sweep the Short liquidity then we can breathe. Or to let BTC drop but the dominance decreases so alts remain stable. I observe that altcoins still have the potential to bounce back here, besides technical analysis, the Long liquidity is still very low, while Short liquidity is overwhelming.

Another reason why altcoins cannot drop too deep at the moment: since the peak in March and April until now, many alts are still down 70-75-80% from their peaks, continuing to drop below the October bottom with a decrease of over 80-90% from the peak would almost equal a Downtrend. So will we have a Downtrend right in an Uptrend? Quite absurd, so I still lean towards the scenario of luring Short traders more. At this point, reading the market makers' minds is really exhausting 🤡

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