ðĨ Bitcoin Buy The Dip: Back To 50k
After the massive dump that we saw early in the week, BTC has been trading sideways. During this dump I made a post where I argued that this was most likely a dip and that BTC would soon resume the bullish move upwards.
With this today's bullish push, the case I argued for earlier becomes ever more likely. Alts are already seeing huge moves (ALGO, SRM, SOL, etc) and printing new ATH's, which makes it clear that bullish belief is still there.
Furthermore, the sell-off was mostly triggered by leveraged traders getting liquidated. Long term holders didn't get affected by this dump, see on-chain metrics.
The main area of resistance for the coming hours is the $47,500 resistance area, based at the first huge red candles close. If we manage to get a daily close above this area, I'm willing to bet were going to see 50k in the near future.
As mentioned earlier, I'm bullish. However, there's still a chance for a further move down. A lot of investors were calling for a 42k and lower BTC soon, interested to see the bearish charts in the comments.
Happy trading!
With this today's bullish push, the case I argued for earlier becomes ever more likely. Alts are already seeing huge moves (ALGO, SRM, SOL, etc) and printing new ATH's, which makes it clear that bullish belief is still there.
Furthermore, the sell-off was mostly triggered by leveraged traders getting liquidated. Long term holders didn't get affected by this dump, see on-chain metrics.
The main area of resistance for the coming hours is the $47,500 resistance area, based at the first huge red candles close. If we manage to get a daily close above this area, I'm willing to bet were going to see 50k in the near future.
As mentioned earlier, I'm bullish. However, there's still a chance for a further move down. A lot of investors were calling for a 42k and lower BTC soon, interested to see the bearish charts in the comments.
Happy trading!
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