Bitcoin closed the monthly candle almost at the high and above the key level of $59,500.
This is of course a bullish signal, but if you look at history in 2021, the situation was similar and what it led to in the end.
Of course, now the situation is a little different and we definitely shouldn’t expect a full trend change, but it is very likely that when Bitcoin reaches the historical high of $69,000, a market correction will begin in order to knock out all long-term investors. Further, a stronger continuation of the rally.
🧭 The Fear and Greed Index has been at extreme greed levels for a whole week now, which only highlights the risk of this correction around the middle to end of this month.
But we repeat, you should not sell your positions in order to buy back lower or sell at a possible fall.
The bullish trend is essentially just beginning and you can easily lose your good entry points into the market.
Of course, if you sit with your shoulders, then this rule does not work for you 🤷♂️
📆 On the weekly timeframe$BTC Bitcoin also closed at its highest, which is positive for the market.
As a rule, after such candles, the next candle will not immediately absorb the growth, which means we still have at least a week to continue the rally.
Of course, this is not a guarantee, but the likelihood is that the market will continue to grow.
Moreover, volatility in Bitcoin has now decreased and liquidity is flowing into alts.
👶 Small time frames
Seller levels can be found very well by studying small time frames, in particular minute ones.
Today the price again reached $64,000, from where it began a sharp drop to $62,700, which led to liquidations of $330 million.
Someone is clearly interested in unloading a position around the $64,000 mark.
🤫 In general, there is nothing wrong with this. We have already explained that near a historical high, many will close their positions, open shorts and sell positions acquired 2-3 years ago at breakeven.
Now we need to buy alts while many of them are still cheap. Their growth potential is still very high.
Moreover, you should understand this from the public ideas posted on this channel, which have already completed the first goal.
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