Bitcoin: A Confluence of Bullish and Bearish Sig
Currently, on the daily timeframe, we observe the formation of a "death cross," traditionally considered a potent bearish signal. Since the beginning of August, Bitcoin has been trading below the 200-day moving average, and we are currently seeing attempts to test it from below. This reinforces the bearish sentiment in the market.
📈🐂 For a return of market optimism, it is necessary to:
Secure a strong foothold above the $62,500 level on the weekly timeframe.
Maintain trading above this threshold for at least 2-3 weeks.
❗ If Bitcoin fails to consolidate above this level, or worse, drops below $51,600, it would pave the way for a correction down to $42,000. Such a scenario would indicate that the wave theory predicting a fifth wave of growth was incorrect and would start a correction of the entire previous impulse.
💡 What does this mean for altcoins?
If the bearish scenario plays out, altcoins could fall even lower, and investors who entered the market from December might find themselves just breaking even at the peak of the altseason.
🔗 Current Resistance:
Between $63,000 and $62,000. Breaking through this barrier on impulse, followed by a test from the upper side and continuation of the rise, could potentially reverse the situation and sketch a positive five-wave growth pattern on the daily timeframe.
📈🐂 For a return of market optimism, it is necessary to:
Secure a strong foothold above the $62,500 level on the weekly timeframe.
Maintain trading above this threshold for at least 2-3 weeks.
❗ If Bitcoin fails to consolidate above this level, or worse, drops below $51,600, it would pave the way for a correction down to $42,000. Such a scenario would indicate that the wave theory predicting a fifth wave of growth was incorrect and would start a correction of the entire previous impulse.
💡 What does this mean for altcoins?
If the bearish scenario plays out, altcoins could fall even lower, and investors who entered the market from December might find themselves just breaking even at the peak of the altseason.
🔗 Current Resistance:
Between $63,000 and $62,000. Breaking through this barrier on impulse, followed by a test from the upper side and continuation of the rise, could potentially reverse the situation and sketch a positive five-wave growth pattern on the daily timeframe.
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