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Dudley Laramie Trader
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#BTC🔥🔥🔥🔥🔥
Sharing my thoughts, I think market is going to enter panic mode. Your thoughts please?
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Dudley Laramie Trader
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#BTC #buythedip #BTC🔥🔥🔥🔥🔥 $BTC #longpositions BTC creating a bull flag, will retest the strong support zone of around 59500 to 60500. If it falls below, it will go bearish and will touch the support zone of 56000. Possible Long entry Entry: 60700 Exit/ Take Profit: 62000~63000 Stop Loss: 2% Leverage: 20x
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#MarketSentimentToday #BTC🔥🔥🔥🔥🔥 #Market_Update BTC market still remains uncertain while most believes that the 60k was the strong support and the market will now go bullish. Here is a quick analysis of a 1-day trading chart. -- This is not a financial advice, DYOR before investing.
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#MarketSentimentToday #BTC🔥🔥🔥🔥🔥 #dowtheory The current state of the Bitcoin market reflects a narrative reminiscent of the Dow Theory, a foundational concept in technical analysis. According to this theory, market trends are divided into primary, secondary, and minor movements. In recent times, Bitcoin has experienced primary uptrends, marked by significant price increases, followed by secondary corrections, which serve to alleviate overbought conditions and establish a healthier market sentiment. However, the recent market behavior suggests a departure from this pattern, signaling a potential shift towards panic mode. The primary indicators of this shift include rapid and steep declines in price, heightened volatility, and a surge in selling pressure. These developments indicate a loss of confidence among investors, resulting in panic-driven selling and a downward spiral in prices. Several factors contribute to this panic mode scenario. Regulatory crackdowns, negative sentiment from influential figures, and concerns about the environmental impact of Bitcoin mining have all weighed heavily on market sentiment. Additionally, the emergence of alternative cryptocurrencies and competing blockchain platforms has diverted attention and investment away from Bitcoin, further exacerbating selling pressure. Furthermore, technical indicators such as the breakdown of key support levels and the formation of bearish chart patterns and especially the Fibonacci retracement reinforce the notion of a market in panic mode. In such conditions, fear and uncertainty dominate investor psychology, leading to indiscriminate selling and capitulation. While Bitcoin has historically exhibited characteristics consistent with the Dow Theory, the current market environment suggests a departure from this pattern towards panic mode. Investors should exercise caution and closely monitor developments in order to navigate these turbulent waters effectively. --- This is not a financial advice, please DYOR before investment.
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