2-on the moving average, and if it succeeds in breaking above it, the $46K supply zone will be unavoidable. There are two major resistance levels in Bitcoinβs path towards the $50K-$60K channel in higher timeframes; The first one is the $46K supply zone which is a major ππΏ
3-resistance zone and based on the lower time frame behavior, it's worth keeping an eye on the price action in this area to see if a bullish breakout or rejection is more likely. The 200-day moving average, on the other hand, is the second. ππΏ
4-The reversal will be confirmed if #Bitcoin breaks above the moving average, and a new bullish rally will be expected after. As the chart represents, after being supported by the local support at $37K, the price has been forming higher highs and higher lows, which is a clearππΏ
5-sign of a healthy bullish rally based on the price action patterns. A valid breakout above the $46K supply zone, however, will be the final confirmation of the reversal. There are two possible scenarios for the coming days;
ππΏππΏ
ππΏππΏ
6-
1)Bitcoin continues to create higher highs and higher lows and breaks above the $46K supply zone and consolidates in form of a pullback to the referenced region in order to validate the breakout.
2)Bitcoin gets rejected from the major supply zone and plummets to lower ππΏ
1)Bitcoin continues to create higher highs and higher lows and breaks above the $46K supply zone and consolidates in form of a pullback to the referenced region in order to validate the breakout.
2)Bitcoin gets rejected from the major supply zone and plummets to lower ππΏ
7-#demand/#support areas triggering another round of futures market #liquidations. In the lower timeframes, the major support levels will be the bottom of the range around $34K and the bottom trendline of the bearish continuation correction flag.
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