$BTC SIGNAL ALERT 🟢🔴✨️✨️✨️
$BTC has slowed down once again.. After a steep drop from 86.5K to 83K level, BTC tried to reclaim upper levels— only to get rejected twice around 85.5K, solidfying bearish bias.
This slow and dragging price consolidation is a tell-tale sign of a distribution phase. In the distribution phase, smart money (institutions) offloads their positions to retail traders at elevated prices, causing the market to stall and often reverse after a strong uptrend. This phase is marked by reduced momentum, sideways movement, and increased selling pressure. However as we near the converging end of symmertical triangle, we can expect a breakout soon! 🔥🚀
These are the key levels to observe :
🔸️Next Support : 84K
🔸️Major Support : 83K-83.2K
🔸️Next Resistance : 85.5K
🔸️Major Resistance : 86.5K
🔸️Currently price is within trendline support & resistance of the triangle.
Current State:
We know that $BTC is in an indecisive phase, which is always a risky place to be because chances of winning becomes 50/50. Usually it's smart to just stay put till market shows its hand and we have a good confirmation— before making any moves.
Liquidations & Traps:
Equal amounts of accumulated liquidation clusters on top and bottom— paints the same picture of market being in a stalemate situation. Symmetrical triangles often lead to a explosive breakout, however it's also notorious for fakeouts— stay cautious, trade smart and stay clear from traps!
Pro Tip:
Sometimes sitting out and watching the market is the best decision a trader can make..
DYOR
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