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BITCOIN: This Is Why It’s DUMPING! (again) - BTC Price Prediction Today
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BITCOIN: This Is Why It’s DUMPING! (again) - BTC Price Prediction Today

Bitcoin Market Analysis and Predictions

Current Market Situation

  • Bitcoin is experiencing a significant drop, forming a new lower low after previously discussed potential reversal signals.
  • The price has been rejected at the golden Fibonacci ratio, currently bottoming out around $58,000. The speaker remains in short positions for both Bitcoin and Ethereum, which are profitable.

Liquidation Insights

  • Over the past 24 hours, more than $1.1 billion has been liquidated from the crypto market, with $857 million coming from long positions.
  • A major bearish liquidation spike occurred at this specific bottom, indicating that many traders are being liquidated during this downturn.

Support Levels and Trading Strategy

  • On the weekly timeframe, Bitcoin hit a key support level at $58,000. This aligns with previous discussions about liquidity grabs below recent lows.
  • The speaker suggests looking for long positions at this support area but emphasizes needing confirmation of bullish signals before proceeding.

Elliott Wave Theory Application

  • The analysis includes an ABC correction pattern where the current downward movement is identified as part of the B wave.
  • A push upward is necessary to confirm that Bitcoin is forming a C wave; otherwise, further declines may occur.

Volume Indicators and Resistance Levels

  • A volume spike was noted recently; such spikes often indicate potential reversals in price direction.
  • Key resistance level identified at approximately $60,350; reclaiming this level would signal strength for a possible upward move.

Downtrend Confirmation

  • Despite some indicators suggesting potential bullishness, all timeframes still show Bitcoin in a downtrend without clear signs of strength or reversal yet.

Fear and Greed Index Analysis

  • The crypto fear and greed index indicates extreme fear levels which historically suggest buying opportunities for Bitcoin.

Double Bottom Formation Potential

  • There’s potential for a double bottom formation on the fear and greed index similar to patterns observed in previous market cycles that led to recoveries.

Conclusion on Trading Strategy

  • Emphasis on buying low rather than selling during downturn periods; focus should be on identifying new long positions across cryptocurrencies rather than shorting.
Video description

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