Yesterday I talked about a possible one Bitcoin (BTC) Bull trap this seems to be unfolding. This means we may have already reached the original goals, which are somewhere between $58,000 and $60,000. But we could also go towards $50,000 to $52,000. We also saw an incident with Iran where they fired drones and missiles at Israel. Although this caused some panic among the population CryptoMarket, I see it more as one Dip before halving.
Crypto market in the red
Altcoins fell significantly into the red, but as always: “Be fearful when others are greedy, and be greedy when others are fearful.” So this might be a good time to tackle some of the altcoin projects you’ve been missing.
If we look at this Heat mapsWe see strong liquidity between $53,000 and $57,500 and also between $50,000 and $52,000. These are possible goals for us. I’m definitely thinking about buying more, especially at around $50,000. On the 1-month heatmap, we see liquidity around $53,000, which could be a good target after the correction.
The traditional markets like the S&P 500 are not looking very positive for Bitcoin. The RSI is high and we see a possible decline to the lower time frames. The dollar index, on the other hand, appears to be rising, which could also have a negative impact on risky assets like Bitcoin.
Bitcoin analysis
On the Bitcoin futures chart, we see a shooting star candle indicating more bearish pressure. It is possible that we close the gap by around $58,000. The Bitstamp chart also looks weak, with possible targets between $48,000 and $52,000.
Longer term, I remain bullish on Bitcoin, with initial targets between $100,000 and $122,000. It is important to keep an eye on Bitcoin dominance as it could increase, which could indicate greater confidence in Bitcoin over altcoins.
In short, I expect more downside in the coming days, but this could be a buying opportunity. Note $50,000 as an important level. We’re looking too ether (ETH), where a possible decline towards $2500 could take place.
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