Bitcoin is forming a rising wedge on the 4h (what is a bearish pattern). If it breaks the lower support then we're likely to see the 57-58K range.
This may be a nice bounce since we're seeing a nice a wick from the bottom.
Let's hope this will be a trend reversal but we should also be aware of the Bitcoin fundamentals which can (slightly) change (ie. the Taproot Upgrade).
But, I'm still bullish for the future! To be honest with y'all I've de-risked a lot of my perps and are foremostly in spot because we're right now in a breaking point in my opinion (if we go down, we go down hard, if we go up, we go up but slighly slower)
The VPVR shows a lot of buying pressure at around 63K and not so much selling pressure above the current price.
If we break the current red zone, the next resistance that I'm watching is at around 65.5K.
This may be a nice bounce since we're seeing a nice a wick from the bottom.
Let's hope this will be a trend reversal but we should also be aware of the Bitcoin fundamentals which can (slightly) change (ie. the Taproot Upgrade).
But, I'm still bullish for the future! To be honest with y'all I've de-risked a lot of my perps and are foremostly in spot because we're right now in a breaking point in my opinion (if we go down, we go down hard, if we go up, we go up but slighly slower)
The VPVR shows a lot of buying pressure at around 63K and not so much selling pressure above the current price.
If we break the current red zone, the next resistance that I'm watching is at around 65.5K.