🔥 Bitcoin's New All-Time High Dump: Temporary Or Not?
Two days ago I made an analysis on my expectation of Bitcoin's short-term price action, based on historical price action at the moment a new all-time high has been made.
My most likely scenario was a new ATH, followed by a dump towards the first yellow area of support. This has now occured, together with an hourly oversold reading on the RSI.
Experienced traders spotted an opportunity, and BTC rose over 13% in a matter of hours.
For now, my most likely scenario would be 1-2 weeks of consolidation between 60k and 69k. It seems like a small area on the chart, but it's still 15%. Alts could dump as much as 30% during a retest of the bottom yellow support, so be careful with leverage.
Keep in mind that a move towards the second support is still in the cards. Not very likely, but it's still a risk. Consequentially it would be an amazing area for long-term entries.
It's now a matter of exhausting the bears until there are no more sellers left. Once there are no more sellers left I expect a strong break out with high volume, which will be the start of a new era of price discovery.
My most likely scenario was a new ATH, followed by a dump towards the first yellow area of support. This has now occured, together with an hourly oversold reading on the RSI.
Experienced traders spotted an opportunity, and BTC rose over 13% in a matter of hours.
For now, my most likely scenario would be 1-2 weeks of consolidation between 60k and 69k. It seems like a small area on the chart, but it's still 15%. Alts could dump as much as 30% during a retest of the bottom yellow support, so be careful with leverage.
Keep in mind that a move towards the second support is still in the cards. Not very likely, but it's still a risk. Consequentially it would be an amazing area for long-term entries.
It's now a matter of exhausting the bears until there are no more sellers left. Once there are no more sellers left I expect a strong break out with high volume, which will be the start of a new era of price discovery.
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