BTC'S NEXT POSSIBLE PRICE ACTION: WHAT DOES THIS TELL US?
Currently, BTC has been moving in a ranging market structure close to its all time high. There are a lot of sell orders within these levels and as well as above these key levels. Therefore, an extreme wave of buy orders around $40K, $46K, $50K and $52K must be present in order to test the higher key levels once more. The overall market structure is still at its markup and as well as the market sentiment is still extremely bullish. Once the market experiences a sudden downturn, it will temporarily shift to a fear state. Though, it'd be wise not to listen to any rumors indicating that a decline will happen immediately. The market still have to follow the phase its currently in and this is pretty normal. Healthy corrections and semi-declines are normal for every market may it be on crypto, stocks, indices, etc.
Right now, we will patiently observe BTC from the sidelines and look for a possible bullish divergence to form before entering another set of longs.
Stay wise, trade cautiously.
