BTC/USDT 1Week
On the weekly timeframe, Bitcoin has encountered all possible resistances:
> Below the $30,000 level and the round price mark
> Below the weekly trendline RSI
> Below the weekly 20MA (20-week Moving Average)
> The weekly candle is closing as a doji, indicating sellers defending the level
So, on the higher timeframe, everything points to the likelihood of a more complex correction scenario.
HOWEVER, the moment Bitcoin manages to establish itself above $30,000, it will become unstoppable because the accumulated volatility over the 7-month period will need to be compensated.
Just imagine on the chart that the next week breaks all resistances (sooner or later, this will happen) and closes with a bullish candle above $30,000. No technical analysis, social metrics, or whale activity can tumn such a candle back into a correction.
These are my concerns that prevent me from selling Bitcoin with the intention of buying back lower around $20,000 to $22,000.
For those who don't share these concerns, everything in the range of $28,000 to $29,000 is, in my opinion, an excellent shorting point or exit from the market,
Good luck to all of you, regardless of the decisions you make
Don't forget to follow us and like the post
