After a quick blast to the 70k zone, BTC immediately dropped to 65k. Is market now bearish?
Let's see🤔
At the moment, BTC is trading at 66.4k. On its way down, red candles has managed to break several KDJ support.
So the ultimate question is, should we anticipate another drop? As of now, the KDJ oscillator suggests that there's no panic selling among whales and retail investors. Simply put, the present sell volume may not be enough to drag the price down to the 50k dumps.
The next daily KDJ support is at 64.9k. Anticipate a bounce back in case price drops further and touches the prior mentioned support zone.
Dips and retracement are normal and desirable in every bull market cycle. To recall, I told you weeks ago that 71k and beyond is the ultimate KDJ target. That still stands.
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