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Bitcoin dump to 53k or bounce to ATH next?
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📉 #Bitcoin Daily 📈 First condition for being a little bit more bullish completed 🥳 But its a bit early to claim full scale bulls victory. At this moment $BTC only does bearish re-test of breakdown level, which previously was the bottom of the range. And you can clearly see that at week timeframe. Now #BTC got to re-test 56.5-58k zone - bounce from there will make further upwards progress easier for the next week. Drop below 55k will return price to stop hunting, where nearest target will be last week low at ~53330 - how far will be the wick of that move go, hard to forecast, but I think 50.7-52.3k order block can be next. Nearest liquidity pools: above - 59536 / 60555 / 60960 below - 57230 / 56820 / 56145 Lines on the chart: 🔸58218 - June low 🔸56537 - May low 🔸53245 - Nov'21 low 🔸51760 - Feb W close 🔸50512 - Feb W swing low 🔸48200 - 2022 high Trend: D ⬇️ W ⬇️ M ▶️ 😱 F&G: 28 < 27 < 28 < 29 < 26
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Waiting $BTC to close above ~58300 to call it bullish. High volume is good, German gov money is absorbed nicely at this level. Meanwhile Dollar Index remained weak and stock indices kept on growing higher into ATH. Could be one of factors that helped #Bitcoin not to drop lower. Short term visible target for #BTC in case of bullish breakout scenario is around 59.8-60k, while for bearish more dips under 56k are possible. P.S. I'm taking a pause from active trading and market monitoring these days. Visiting relatives and friends in different cities. Today already have plans for the whole day, but tomorrow will come back to charts. Nearest liquidity pools: above - 58300 / 58830 / 59380 below - 56150 / 53867 / 53000 Lines on the chart: 🔸58218 - June low 🔸56537 - May low 🔸53245 - Nov'21 low 🔸51760 - Feb W close 🔸50512 - Feb W swing low 🔸48200 - 2022 high Trend: D ⬇️ W ⬇️ M ▶️ 😱 F&G: 27 < 28 < 29 < 26 < 29
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$BTC closed Friday above May low - that is bullish price action which gives a chance to form a failed swing pattern. Basically yesterday's low can be taken as a conditional level for stop loss and used for longs. The closer to that bottom is your entry, the bigger can be position size. 🔥 Fear&Greed index dropped to 26 - that is value similar to December'22 - January'23 when #Bitcoin bottomed last time (from 16k). So in general I think current level is good for accumulating #BTC on spot for mid/long term hodl. Have a great weekend everyone! Nearest liquidity pools: above - 57080 / 57496 / 58810 / 59380 below - 55700 / 55150 / 54720 / 53490 Lines on the chart: 🔸58218 - June low 🔸56537 - May low 🔸53245 - Nov'21 low 🔸51760 - Feb W close 🔸50512 - Feb W swing low 🔸48200 - 2022 high Trend: D ⬇️ W ⬇️ M ▶️ 😱 F&G: 26 < 29 < 44 < 50 < 51
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#Bitcoin Fear&Greed Index at historical level, where $BTC price often starts a new BULL RUN. Happened in September 2023 and in January 2023 when #BTC was at 16k - ultimate bottom from where it started 350% bull run.
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📉 #Bitcoin Daily 📈 BTC dropped down to November'21 low at ~53245 ✅ I was writing about that scenario since the end of June and also mentioned Month FVG middle at 53k as a target for breakdown of consolidation range (in my video review). As usual it happened faster, than anyone expected. 🔥 Fear&Greed index dropped to 29. Last time it was at this value was September 12th 2023 - last swing down before 200% uptrend started. Guess when it was under 29 before that - in the very beginning of January 2023 when $BTC was at 16k - ultimate bottom from where it started 350% bull run. So we have important SR level tipped. We have F&G index at critical level of potential reversal. All that gives me bullish vibes. The only thing missing here is price action that would confirm the reversal. But don't worry, I'll let you know once I see one 😉 Nearest liquidity pools: above - 54940 / 55713 / 56070 / 57556 below - 53513 / 52980 / 50690 / 46705 Lines on the chart: 🔸58218 - June low 🔸56537 - May low 🔸53245 - Nov'21 low 🔸51760 - Feb W close 🔸50512 - Feb W swing low 🔸48200 - 2022 high #BTC Trend: D ⬇️ W ⬇️ M ▶️ 😱 F&G: 29 < 44 < 50 < 51 < 53
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