AlphaInvestoor

So we kinda want $BTC to bounce here. If Bitcoin starts closing below 50 weekly MA it’s lights out.

It’s been over a week and bitcoin:native is struggling at $78k level. FOMC meeting has been already priced in, however you need to play 4D chess in these markets: 1. Bitcoin might still pump to 200 daily MA and then dump 📉 2. Bitcoin keeps struggling here and goes lower 📉

Bitcoin tapped $78k to the dollar ✅ $BTC might still hover around these levels or even go higher briefly, so don’t go too crazy with your shorts ‼️ Low leverage

Bitcoin broke out above the trend line, however the price is rising on a declining volume, which tells me this is likely just a relief rally 📈 Next possible rejection level for $BTC is a bull market support band, which is currently at around $78k 📉

Decision time for Bitcoin 👀 $BTC 📈📉

The top of the trend line is around $74k if Bitcoin taps it in the next few days 👀 If we get rejected there, I expect another ~30% drop for $BTC 📉

Almost $500M in longs to be liquidated if Bitcoin goes down to $61k 📉 I am running my shorts to around $64k and then might consider going long on that $BTC bounce 📈

Not a massive fan of “formations”, but this $BTC wedge looks pretty bearish. The next target is roughly $56k. If we don’t immediately break down and get a bounce, will add to my Bitcoin shorts 📉

$BTC bounce in progress 📈 Maybe a few days, maybe be a few weeks.. I am starting to build my Bitcoin short position here again 📉