🔥 Market Update: $BTC Price & Altcoins 🔥
Guys i gave you the chart below as i will share with you my expectations for BTC & Altcoins to cover the full week. Today BTC is still hovering in the 66K area as we saw it's dominance is slightly decreasing.
✨ 1 Day chart analysis & Weekly Price Effect ✨
I marked the resistance & support level that BTC is respecting, while we can see the price hit the support in the last dump 59K and started a steady increase which is expected to continue till we reach the next Resistance Level.
69.7K is the next resistance level, hence we are expecting two scenarios to happen after we reach there, the 2 scenarios is as follows:
1️⃣ BTC Reaches 69,7K & breaks through the resistance 🟢
This would be very bullish and would lead to grabbing the Short liquidation (Around 3 Billion Dollars), while BTC would continue upwards creating a new All Time High).
2️⃣ BTC Reaches 69.7K & Deflects from Resistance Area, Dumps 20 to 30% 🔴
This is the bearish prediction as historically we have seen a major correction in BTC price directly after the halving, if this happens then BTC would hit 69.7K and could dump fast to 59.7K and even lower grabbing the lower Long liquidations, making a 20 to 30% correction.
This would be the final dip if it happens (I hope it doesn't) before officially starting the bull run🚀
💥 Altcoins Market 💥
As for Altcoins mostly are slowly increasing or hovering stable at an accurate price, we saw some memecoins like $PEPE recover yesterday while other coins remain in the accumulation state. We should expect a slight increase if BTC price increased and a heavy decrease if BTC price decreased, due to BTC dominance.
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🖋️ by @CryptoVenom
