So, remember when I mentioned earlier this week that Bitcoin's price would test support at some point, which would be the best time to enter? Some altcoins have not only reached support, but some have even broken it temporarily or permanently. Now, there's not much we can do; if there's a more intense correction than that, we'll have to wait for the bottom. I think we could have a bullish day, followed by a sharper correction. Let's keep an eye on that.
For there to be a more significant rally, Bitcoin would need to break the resistance at 68,500, but for now, it could even push towards 68,000. There are no signs of a significant drop at this point.
Support is at 65,700, while resistance is around 68,500.
We're currently seeing an inverted head and shoulders pattern on the daily chart, which is a good sign.
Despite the news of war and other circumstances, it is important to remember that when I showed the support line, none of this had happened. The movement was already predicted. If the support had been lost, the news would have had a much greater impact.
And the altcoins? I am saying that we are at the top. Imagine if Bitcoin suffered a 10% dump instead of 3%. That is why the use of stop losses is essential; as inconvenient as it is and sometimes gets in the way, today some altcoins faced corrections of 15% to 20%.
Charts to view:
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