๐จ Bitcoin Alert: $102,400 Support Level Under Scrutiny ๐จ
$BTC is currently dancing around $103,083, precariously close to the crucial $102,400 support level. This level has been put to the test multiple times, and the outcome will be pivotal in determining the next direction. Will it hold strong as support, or will we witness a breakdown that could trigger a further decline? ๐ค
The Fate of $101,000 Hinges on This Level ๐
A confirmed breakdown below $102,400 could signal the start of a downward trend, potentially targeting the $101,000 zone. As the market watches closely, increasing selling volume could be the catalyst for this move. ๐ Traders are advised to keep a hawkโs eye on the break and adjust strategies accordingly. ๐ก
Yesterdayโs Bull Run: A Closer Look ๐
The recent bull parade on the BTC chart was nothing short of spectacular, with a sharp upward impulse breaking through resistance levels. However, this surge left behind a trail of unclosed FVG 1D, hinting that the rally might not be sustainable in the long run. ๐ฎ The RSI has already started whispering about divergence, suggesting the price might be rushing to new highs without sufficient backing from the indicators. ๐
Chasing Liquidity: The Next Step ๐
As the price moves upward, it left a pool of liquidity uncappedโa potential trap waiting to be filled. A drop to $103K and below could be the first step toward filling this liquidity gap. ๐ If history repeats itself, we might witness a rollback to the FVG 1D zone at $100K and $92K, where the market will likely restore balance. ๐
The Magic of Divergence ๐ฎ
Divergence, as the saying goes, does not lie. ๐งโโ๏ธ Each upward turn seems to weaken the bullish momentum, and this divergence could be the harbinger of a correction. The buyersโ strength appears to be waning, and the liquidity below is calling out with its unclosed volumes. ๐ The market might be preparing for a correction, and traders should brace themselves for a potential shift. ๐ฅ