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TT | Top Traders πŸ† analytics 1 minutes reading from Bitcoin

Bitcoin Price Holds Above $16,300 Support Zone

πŸ“ˆ BTC closed the week at 16,329 (-22%) level. BTC week toptraders

1/5

Fears were not in vain.

The impulse did occur, but still in the direction of the trend. (Fans of catching the bottoms will surely get the second one as a present).

2/5

▫️ Fixed below the support zone of 18,000-20,000 (now this's the resistance zone)

▫️ The nearest strong support zone is in the 12,000-14,000 range

▫️

Compared to previous consolidations, the movement occurred without explicit removal of SLs from previous local highs.

3/5

So local pools of liquidity for buying were formed, which will be used for further upward movement in the future

▫️ In the entire history of the BTC chart, since 2013, each trend ended with a correction of 82-86% (In this situation such zone is the range of 10k-13k)

4/5

▫️ The level of breaking the downtrend shifted from 48K to 25K

Conclusions:

Even if this momentum completes the bearish trend, the likelihood of squeezing the remaining juices out of the market before a major move is quite high. There is no rush

TradingView Chart

5/5

We should again wait for the base to be formed for the reversal. And preferably it should be in a strong support zone and not in the air.

A more detailed review will come with 3D analytics update.

TT| Top TradersπŸ†ENG analytics
This post is based on this twitter thread.

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