So, Bitcoin's currently chillin' around $117,866. We saw it trying to push higher earlier this week, even touching $121k-$122k before getting slapped down. 📉
👀Look at those moving averages (the lines on the chart): The short-term ones (my trusty yellow MA7 and white MA25) are all tangled up and even looking like they want to cross below the purple MA99. When those shorter MAs start curling down below the longer ones, it usually means momentum is fading fast in the short term. The price is also sitting below all these MAs right now. Not ideal for the bulls, gonna say.
See that dip around July 15th? We hit a floor near $115,678. That level proved to be pretty strong support then.
So, what's the likelihood we retrace back to $116,000? Honestly, looking at this chart, I'd say it's pretty darn high.
Why?
1. Weak Momentum, The MAs show the buying pressure has eased up significantly.
2. $116k is basically where we found strong buyers just a couple of days ago. Markets love to retest these levels.
3. After that big run-up, a retest of lower support levels is healthy consolidation. It flushes out weak hands before a potential next move.
It's not a guaranteed "LFG to $116k," because crypto is, well, crypto! Black swan events or sudden whale movements can always throw a wrench in the gears. But if I'm betting purely on what the chart is telling me right now, a retest of that $116k-$115.5k zone feels very probable.
Keep your eyes peeled, your stop-losses set, and don't panic. This is just how markets breathe. What do you all think? Are we seeing $116k soon, or are the bulls about to surprise us? 👇
#bitcoin #CryptoPatience #technicalanalyst #MarketWisdom #BearishAlert