Greetings, crypto enthusiasts! 🥃😎
In this update, we’ll explore the recent BTC market dynamics and discuss potential strategies moving forward.
Bitcoin’s Double Bottom Formation:
Bitcoin experienced a revisit to the lows, and some traders capitalized on profitable BTC short positions. Notably, BTC formed a double bottom just above the CME futures gap. Whales orchestrated a formidable buy wall, initiating a significant BTC pump precisely above the upper border of the CME Futures gap.
Key Level: $43k and Potential Rally:
The upcoming challenge for Bitcoin lies in overcoming the $43k level and solidifying it as support. A successful flip could signify Bitcoin’s return inside our consolidation cycle, paving the way for a lucrative rally, particularly for select potent altcoins. Additionally, a successful flip may prompt Bitcoin to form a bullish Low Time Frame (LTF) pattern above $43k, breaking out towards our upper consolidation border at $46k.
Market Update: MCP News and FUD Shakeout:
In MCP News, we reported on the FUD injected into the market—a mere shakeout for now. While it doesn’t technically break any structure, exercising caution with your chosen Hard Wallet is advisable.
Pro Trading Strategies: Micro and Macro Cycles:
To maintain a competitive edge, focus on understanding both micro and macro market cycles. Adapt your professional trading strategies based on these cycles. The key to success lies in navigating the waves strategically.
Happy trading! 💰🍾