BTC detailed Update
Bitcoin's current price is $102,329.48, after failing to break above the $106,000 zone yesterday. This failure has led to a shallow retracement and correction. If Bitcoin loses the $100,000 region, it's likely to visit the $91,000 area due to a CME gap. There's also significant longs liquidity present between $86,000 to $84,000.
Considering the current market situation, I outlined two potential plans:
- *Plan A: Breakout Strategy*
- *Target:* $108,000 if Bitcoin breaks out above $106,000
- *Action:* Book some profits along the way as altcoins may follow suit
- *Plan B: Dip Buying Strategy*
- *Target:* Accumulate Alts in small steps during dips. Baby step approach.
- *Action:* Practice patience, as dips can be buying opportunities
Some analysts warn of potential downside risks, citing factors like ¹:
- *CME Gap:* A gap in the Chicago Mercantile Exchange's Bitcoin futures prices could lead to a decline
- *Double Top Pattern:* A bearish reversal pattern that may signal further downside.
