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cryptosouls
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Amazing Project
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should we invest in it?
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Bitcoin was showing lower highs on the daily and weekly charts, indicating potential weakness. When the price started to fall, it dropped sharply due to both market weakness and some macro factors, like Iran attacking Israel, a global recession, and the crash of the Japanese market. Market Trends Looking at the weekly trend, Bitcoin's price is still in an uptrend on the weekly chart, unless it closes below the $50k level. Predictions As long as the high timeframe chart remains bullish, it's reasonable to expect Bitcoin to continue pushing towards new highs. The key level to hold is $50k. How to Prevent Drops: This recent decline was driven by fundamental factors. In such situations, charts are less reliable. The best approach is to either wait for the situation to stabilize or buy during market capitulation (a significant drop). Notice how the large candle dropped to a key high timeframe level and then provided a good move up.
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Well Explained Analysis
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Amazing #doky
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