๐ Situation with BTC is as follows:
๐ The key support for all onchain indicators is in the range of $58000 - $62000 (I have already said quite a lot about the 58000 mark in the posts above). In all previous bullish cycles, the current state of indicators, as a rule, formed a local bottom (it is clear that here plus or minus 5%, there are no exact values, but now it is not fundamental)
๐ Whether the price will take liquidity off under the $59000 mark (second loy) - I don't know, depends a lot on geopolitics. There stands my second addition of long position (you know it from the past videos). It is also not so important, the main thing here is a quick return
๐ The most negative scenario that I see at the moment is the price going under $58000 and fixing at least one weekly candle. This could break the whole structure and open the way to close two global gaps: 52 and 43 thousand dollars. I think many of you would not want to see that happen, but a weekly fixation under $58000 would dramatically increase the probability of that scenario
๐ In this case, I will most likely close all the remaining longs (some of them will be at a loss, of course) and will wait for re-entry points to alta at the marked marks on BTC.
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โ ๏ธ IMPORTANT:
Everything that is written, so far belongs is speculative. Corrections are normal, with the 2016-2017 cycle experiencing deeper ones due to lower market liquidity. Corrections of 40% on BTC are now less common in a normal bull market. There's a likelihood that bitcoin is at a local bottom. The price might fluctuate between $58,000 and $64,000 before reaching a new all-time high. However, unpredictable events, such as potential Israeli military actions against Iran, could disrupt market patterns and support levels.
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