BTC Price Action Analysis: Short-Term Outlook
BTC reached our target, not only retesting but breaking the 200MA. It immediately attempted to break the 50MA as well. On the 4-hour timeframe, Bitcoin was retesting the golden zone, a critical area where it needed to hold or decisively break with volume and momentum to confirm a reversal.
Currently, BTC is trading at $60K. I'm considering a short position in this area with a target of $59.1K to $58.4K.
Potential reversal zones are at $58.4K and $54.7K. I'll set alerts and observe Bitcoin closely near those levels, looking for significant selling volume to avoid buying the dip.
The cheat sheet below shows that Bitcoin dominance is increasing, which often leads to significant declines in altcoin prices if BTC's value drops.
https://www.tradingview.com/x/9Ix9wE8H (50 MA & 200 MA)
https://www.tradingview.com/x/CiaTo64b (BTC 4H TF)
