Analysis $BTC 02/06/2025
#BTC , since the last update of the chart the price hasn’t performed very well, of course, we already know that we had numerous news that knocked us down from that good support we had at $107K, unfortunately this downward movement has delayed us a bit for a new ATH, let's see what we have here.
I know many are frustrated with these downward movements, of course, we would like to see continuously strong action upwards, but it’s never that easy.
If we look at the monthly close it was really good and even with this pullback to $102K things remain quite optimistic. Today we had a retest in this area that I added in blue on the chart, around $106K... the initial rejection there is quite bad, so I am updating the chart because I would like to see the price attack that area again in the next 4H and save the daily chart.
We need to recover that area very quickly, although Powell didn’t cause us to explode today, nothing prevents him from doing so on Thursday, so until the FED's balance, the price should have recovered to $107k to put us in a good position here.
If we continue working below $106k for a long time, the Big Bears will sink the price to $98K, which is exactly where there are large BUYERS positioned, so to avoid wasting even more time, we need to have the buyers in sight acting here and pushing the price above $107K by Thursday, to avoid a drop to $98K.
Keep things simple, focus on what matters!
$112K loading...
I remain extremely OPTIMISTIC in #altcoin!
