Hey Crypto Traders! š„
The current market movement on $BTC might seem like pure chaos, but is it a shakeout or a precursor to something bigger? Letās dive into the charts and uncover the truth behind this wild price action. š
1. Lower Highs = Bearish Signals?
On January 7th, Bitcoin formed a lower high compared to the December 17th peak. This could signal bearish momentum. But waitābefore panicking, let's look at the bigger picture. š
2. High Volume = Strong Market Moves
Todayās market shows elevated trading volume, the highest since the previous drop. Red volume suggests strong selling pressure, which feeds into the bearish scenario. But remember, liquidations are in full swing, with $430M liquidated in just 24 hours. This often happens during shakeouts! šØ
3. Key Support Levels: $90K-$92K
While the market is in a bearish phase today, Bitcoin has strong support around $90,000 and $92,000. These are crucial levels for bulls to defend. If Bitcoin stays above these, we could see a bounce and continuation of its upward trend. š
4. A Possible Shakeout: Don't Panic
This could be nothing more than a shakeout. Historically, over-leveraged positions tend to get liquidated in times like these. Once the volatility settles, the market could resume its bullish path. This is consolidation before the big wave up. š
5. Mars Retrograde: Timing Is Key!
Let's not forget about the Mars Retrograde effect! Since December 7th, Bitcoin has been stuck in sideways motion. This phase is expected to last until February 23, 2025, when we might see the next big surge. š
Final Thoughts: Buy or Wait?
Bearish signs like the lower high and red volume are clear, but donāt be hasty.
Consolidation is neededāafter the shakeout, new higher lows could form, signaling the beginning of the next bull wave.
The market is providing one last buying opportunity before the 2025 bull run begins. Are you positioned for it? š
šļø Smart Move: Look for high-quality altcoins to accumulate during this consolidation phase. Once the market shifts, it will happen fastādonāt miss the ride! š
Thanks for reading! Donāt forget to like, share, and follow for more market insights. š
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