Analysis of the crypto market and discuss the potential scenarios for Bitcoin $BTC
Weekly Chart (BTCUSDT):
Bitcoin has broken below the range it maintained for the past 16 weeks.
The critical zone to watch is between $45,000 and $51,900.$
If BTC continues to stay below $60,000 on a weekly closing basis, further downside is likely.
A drop to the mentioned zone could present a buying opportunity for patient investors.
However, if BTC manages to reclaim $60,000 and holds above it, bears might need to reconsider their bias.
Daily Chart (BTCUSDT):
Despite short-term bounces, the daily chart shows BTC trading below key daily support.
The overall bearish sentiment on higher timeframes suggests caution.
Until we see a convincing move back above the broken range, I remain bearish.
My trading strategy aligns with the weekly consolidation breakdown.
Remember, markets can surprise us, so staying adaptable and monitoring price action is crucial. Feel free to share your thoughts, and letâs keep the discussion going! đ
