From the look at the chart, it shows that the price will still pump above $117k before there will be a price correction to $114k but I don't think that it will go below that price and if it does, we should see it at $112 as support price.
I believe that the market is still bullish and we will see little dips because there is good news from Powell and that has given investors hope to invest more into bitcoin that was why you see the high buys which pumped the price. However, investors sentiment controls the market.
I believe that the market is still bullish and we will see little dips because there is good news from Powell and that has given investors hope to invest more into bitcoin that was why you see the high buys which pumped the price. However, investors sentiment controls the market.
Actually, my prediction seems right; it rejected, but it looks like it is going to retest the $117k area, or it might just retrace and will continue to go down.
Look at the chart again.
I made a short position recently. I use Bitcoin as my signal and took a short position on Dogecoin and got 1:3 risk ratio because my position got hit my trail SL and see that retracement for 4 hours time frame.
Let's see if it is going to retest this $117k zone, but I still favor bearish here because of the current market structure. If you go with the daily time frame, you can see the whole structure that looks like a downtrend.
Take note I am not a financial advisor; I just share my thoughts and speculation from my analysis.