remember when everyone is short, the market goes long. as I expected the huge long squeeze, bitcoin broke the red trendline (which everyone planning on going short there for over a week.)
in the terms of price action, there's a huge supply area above, around (57.2-58.2K). and the technical tools also indicate this area as a huge supply zone.
so I expect bitcoin to retrace from this zone. if it breaks this level, it is officially a beast we're facing.
keep your stop losses tight and avoid over-leveraging as there's some doubt in the market at this point.
in the terms of price action, there's a huge supply area above, around (57.2-58.2K). and the technical tools also indicate this area as a huge supply zone.
so I expect bitcoin to retrace from this zone. if it breaks this level, it is officially a beast we're facing.
keep your stop losses tight and avoid over-leveraging as there's some doubt in the market at this point.