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Bitcoin is closely adhering to the anticipated plan. We witnessed a notable rise followed by a dip, where we found support around the $68,860 mark, as indicated by the blue line. Notably, the second attempt to surpass the orange line, acting as resistance in the triangle, encountered less difficulty.
This week commenced positively, with Bitcoin trading above $69k. Significant spot purchases are driving the price upward, with substantial orders being placed just below the current price to bolster against any downturn. As we approach the close of the current 4-hour candle, achieving a close without retracing to $71,200 would be ideal. A close at $71,800 could set the stage for further gains up to $73k today, although it's advisable not to hastily open long positions.
Expectations are high for this week, with promising news on the horizon. It appears the entire market is primed for positive developments expected by Wednesday.
Reiterating the belief in the possibility of reaching $78k before the halving, especially given the current market sentiment. Despite persistent large sell orders at $76k/$78k and buy orders at $60k, the increasing number of bullish orders at $65,500 suggests growing confidence among buyers. These orders act as potential support levels during any downturn, inducing caution among bears. This shift in market dynamics explains the absence of new sell orders near $72k compared to last week.
This week presents an intriguing watch for market observers. A close above $71,200 today could signal a shift in sentiment, potentially sidelining bears for the remainder of the week.
Any potential downturn, whether preceding or coinciding with the halving event, is unlikely to exceed -20% to -25%, presenting an opportunity for large players awaiting entry into the market.
Disclaimer: This stellar analysis comes straight from the insightful Ualifi Araújo ( X - ualifiaraujo ), a beacon of wisdom in the crypto realm. Shared with permission within the Binance community, it's important to remember alway DYOR.
LIVEBitcoin's recent price movements have been surprising, reaching $69,350 before falling again. However, what's encouraging is that this rise was driven by cash purchases, showing strong support from buyers. Even during the retreat, the price didn't touch the red band, indicating resilience and a quick rebound, as expected by bullish investors.
Although we're still trading at yesterday's price, I'm optimistic about the 4-hour candle closing in green, which could push us above $68,200 and provide momentum to continue rising. Despite challenges from bears, the difficulty in pushing prices below $60K is a positive sign, possibly leading to a surge to $78K before the halving event.
Some analysts warn of a potential sell-off if prices dip below $65K, particularly from Wall Street investors and miners. However, I believe this could actually attract more institutional players to enter the crypto market.
Contrary to popular belief, seasoned investors from Wall Street are not fearful newcomers. They have a track record of success in traditional markets and are likely to navigate the crypto space adeptly, potentially outperforming some existing players.
While there have been large purchase orders around $65,500/$64K, some may be strategic moves to deter aggressive shorting. Similarly, significant sales around $68,500 and $70K indicate a tug-of-war between buyers and sellers as the market follows a triangular pattern.
Given the current price consolidation within the triangle, it's wise for traders to wait for a breakout before making decisions rather than being overconfident.
I anticipate a significant upward breakout to $78K, and any potential drops, whether before or during the halving event, are unlikely to exceed -20% to -25%, providing opportunities for institutional investors to enter the market swiftly.
Disclaimer: This stellar analysis comes straight from the insightful Ualifi Araújo , a beacon of wisdom in the crypto realm. Shared with permission within the Binance community.
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