The Crypto market is all red once again and people are again living in fear but in this blog when I will share with you the market analysis of bitcoin it will help you stay calm for sure and decide what you will do in upcoming days with your holdings. So we will start by simply looking at the chat of bitcoin below.
In the chart above we have drawn two lines where the one you see at the top is obviously support line which BTC is testing for multiple times and the one you see below is the support trend line which BTC has confirmed and made a reversal and if that is to happen again we can see bitcoin going to 91k USDT again.
In the above screenshot we have shared the liquidity wick and you can even call it the fake out but to understand what really happened there remember that there the short positions by future traders were liquidated. There were more positions opened up at 72-73k USDT but we didn't saw them getting liquidated for now though traders were in fear and started closing their positions as bitcoin was heading towards that mark.
Above you can see that bitcoin was saw the dump of around 10% in just 24 hours but it also experienced the pump of 20% in 48 hours. There is nothing to panic about as long as we are seeing bitcoin trading above that support line and once we witness the breaking of that resistance line which has been tested for almost one and a half month Bitcoin will create a new All time high there.
Keep your eyes on these trend lines and I think that is how we can stay relaxed. Remember that Bitcoin can still come down to liquidate further positions so don't panic in case we see more wicks in coming days. This bull cycle is really different.
Thank You