#Bitcoin is Dumping – But Why? Is It Over? 🤔
Yesterday, Bitcoin tested the range high for the third time and got rejected again. This area is proving to be strong resistance.
Previously, rejection from this same level led to a breakdown below the range. Now, this is the first time BTC is retesting the range high after reclaiming it.
A breakout on the first attempt is usually super bullish but rare, which is likely why we saw a rejection here
Now, two possible scenarios can play out:
🟢 Scenario 1 (Green):
Price consolidates a little and then breaks out aggressively to the upside.
🟠 Scenario 2 (Orange):
Price consolidates and breaks down toward the mid-range ($99,400 wicks below possible) for a retest before another leg up.
Overall, both scenarios are bullish. Scenario 1 is quick and explosive, while Scenario 2 may take a bit more time to play out since we haven't seen any retest after the range reclaim.
Yesterday, Bitcoin tested the range high for the third time and got rejected again. This area is proving to be strong resistance.
Previously, rejection from this same level led to a breakdown below the range. Now, this is the first time BTC is retesting the range high after reclaiming it.
A breakout on the first attempt is usually super bullish but rare, which is likely why we saw a rejection here
Now, two possible scenarios can play out:
🟢 Scenario 1 (Green):
Price consolidates a little and then breaks out aggressively to the upside.
🟠 Scenario 2 (Orange):
Price consolidates and breaks down toward the mid-range ($99,400 wicks below possible) for a retest before another leg up.
Overall, both scenarios are bullish. Scenario 1 is quick and explosive, while Scenario 2 may take a bit more time to play out since we haven't seen any retest after the range reclaim.
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BTC
105,308.42
+2.22%
ETH
2,515.21
+4.01%
XRP
2.3491
+1.07%