2021-09-21 04:30:38
$BTC UPDATE VIP
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Red flags all over the place as Bitcoin rejects going above $52,000 on higher time frames. This, combined with similarities between our current price action and that seen on May (when we reached our former All Time Highs), could be the beginning of an end for yet another market cycle.
This is by no means confirmed, however we must all be prepared for both scenarios:
1) Bullish Scenario: For this scenario to play out, we need a very strong and high volume bounce from either our current ranges or from our $42,300 key level. A bullish continuation would push price above $50,500 again.
2) Bearish Scenario: Confirmation for this would occur if no buyers enter the playing field over the next days, having price pushed down to our current $42,300 POC (Point of Control). If further weakness shows up, we would confirm the first leg of a mid/long term bear market.
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Yours truly,
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