$BTC
Bitcoin is at a critical point and you must understand what is about to happen in the market to avoid making a costly mistake!
For 3 days in a row now, the "Original Crypto" has been on the RED side. So many are wondering, is this the time to take profit?
Others on the other hand are thinking, maybe this is the best entry...
Oh well, Let's go over the BTCUSDT chart together, maybe it'll tell us what's next.
TA —
The Bitcoin price at the 93.3k zone is at a very important support zone in the chart.
If the price crashes below this support zone, the next recovery would be around the 85.5k zone.
Will Bitcoin go to 85k?
My hard answer is YES!
The market has been overbought according to the RSI and has experienced divergence.
RS indicator has shown successive lower highs and lower lows, meaning that the strength of the market is weakening progressively.
There's also a recent bearish 50% crossover on the RSI with strong red candlesticks appearing on the chart for 3 days now. This is a strong indication of more Reds in the market.
My Verdict —
There will likely be a buyers' reaction at this zone (93.3k - 96.2k zone) that may hold on for some time, however, the sellers will eventually push the price down to around the 85.5k zone!
It is at this point that we can figure out whether the bullrun is still on or we're switching to a downtrend!
In all stay profitable brothers!
Never lose your liquidity!
Love 💕 and Light 💡
