š„A great TA by X Bud Stock Money Lizard on
#BTC šI know, nobody likes these "either we go up or we go down posts".
ā
But hear me out. Here are the two likely scenarios and what it would take and what levels are crucial to watch out for. Personally, I see this as a first good opportunity to add some more to my BTC spot portfolio
āØScenario 1 (Black line): From a TA point of view, it's a classic beginning of a downtrend. We have seen the retest of the former support line which could serve as resistance now. This is then repeated with the next level. Taken together with long liquidity being potentially grabbed at 34k, that could be a possible target zone. 38.4k is an important suppport level to watch out for. +Chartbreak, a lot more BTC to be sold by BTC, sentiment bearish
šØ!!Huge BTC demand, Down 20% from local top, daily RSI reset to < 40
āØScenario 2 (red line): 38.4k should act as a strong support. Greyscale selling pressure impact seems to be fading the demand for BTC is huge right now. If 38.4k support holds and we form a double bottom, chances are good that there too. To be honest everything is possible when we are falling. But what i expect is that everyone is expecting classic beginning of dump so they are already prepared with their limit orders at 38500 and below, Exchanges do show some liquidity which doesn't exist just to grab attention and to manipulate you buying decisions, everything is being planned and monitored. So always try to stay away from crowd and think critically.
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