Bitcoin Update
On August 5th, Bitcoin dropped below the 50,000 mark, invalidating a previously established channel. Currently, Bitcoin is testing the 57,000 level. If this test is successful, Bitcoin could rise to the 61,000 level, where it may face a minor retest before continuing its upward trajectory. However, the heavy order concentration and liquidations between the 60,000 and 63,000 levels could present significant challenges.
Optimistic Scenario (Green Arrow):
After navigating the fluctuations above the order block, Bitcoin successfully tests the blue line, confirming support, and continues its upward trend.
Pessimistic Scenario (Red Arrow):
Bitcoin faces substantial resistance within the 60,000 to 63,000 range due to high order activity, leading to a reversal and a potential decline back to the 45,000 level.
Optimistic Scenario (Green Arrow):
After navigating the fluctuations above the order block, Bitcoin successfully tests the blue line, confirming support, and continues its upward trend.
Pessimistic Scenario (Red Arrow):
Bitcoin faces substantial resistance within the 60,000 to 63,000 range due to high order activity, leading to a reversal and a potential decline back to the 45,000 level.
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