I'm waiting for 68200$ area
Bitcoin is edging closer to the $77,000 mark, but there are cautionary signs to consider. While the potential for a price surge exists, it's essential to be mindful of the weakening momentum in the market. This caution is warranted, especially when examining various indicators such as volume and RSI.
On the weekly timeframe, while the overall trend remains bullish, there's a likelihood of a correction or consolidation before any significant move towards $77,000. This observation is supported by the decreasing momentum, as evidenced by declining volume and bearish signals like exaggerated divergence.
Furthermore, on the 4-hour timeframe, the momentum continues to weaken, with indicators showing signs of divergence between price action and market sentiment. Leveraged positions are driving the current move, indicating a potential long squeeze in the near future.
Zooming in on the daily timeframe, while the medium-term target of $93,000 seems plausible, the immediate focus should be on securing the best entry points for long positions. This may involve waiting for consolidation or correction to establish support levels before considering fresh longs.
Additionally, understanding the interplay between retail and institutional traders is essential. While retail traders often drive short-term price movements with market orders, institutional players tend to use limit orders strategically. This dynamic can influence market liquidity and price direction, making it vital to track order book data for insights into market sentiment.
In summary, while Bitcoin's ascent to $77,000 seems plausible, it's essential to exercise caution and patience. Waiting for consolidation or correction can provide better entry opportunities and reduce the risk of entering trades prematurely. By staying informed and vigilant, traders can position themselves for long-term profitability in the volatile cryptocurrency market.
it's better to wait 68200
