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What's Good Bitcoin?

What's Good Bitcoin?

Created
Aug 27, 2024 8:31 PM
Tags
bitcoin
Token
BTC
Topic
Chart Analysis
Date

Yesterday's hopes of a continuation were probably too bullish and left out some essential factors (yep, this can happen).

Looking at the current price action, order books, and additional data, here's what's currently happening:

  • Breakout Pump: Bitcoin experienced a rapid rise, breaking through resistance, which left many buy orders unfilled as the price moved too quickly.
  • Retracement: The price retraced back down to the levels where those orders were left behind, allowing traders to take profits and buyers to fill the orders.
  • Filling this "inside liquidity" is completed at the 62k level (mainly).

What’s Next: This kind of retracement is common and signals a healthy market correction.

62k is now the level to watch. Based on the above facts, we should see a stabilization and turn-around at this level.

A break below would signal a potential return to the consolidation channel.

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