💬 Some assessments of the current state of BTC:
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📖The 200-day moving average (SMA) is key to determining the direction of the#Bitcointrend. ➡️
When $BTC is above it, we are seeing price expansion; ➡️ below it - this often signals a bear market. ➡️ Currently,#BTChas been below the 200-day SMA (approximately $63,600) for the last 2 months - which raises concerns about further downward momentum.
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📖 Blue line - Bitcoin price;
📖 Yellow line - projected future price based on the Wyckoff re-accumulation strategy;
📖 Blue area - supply zone (sellers and traders trading short);
📖 Green area - demand zone (buyers and long traders);
📖 Left area shows liquidation heat map;
📖 Right area shows theoretical Wyckoff distribution.
📖
📖Bitcoin successfully retests both the 21-week bullish market EMA (green) and the multi-month downtrend (light blue) as support. 📖 BTC is positioning itself for a bullish weekly close, which should be enough to move to the top of the channel over time.
Next week the price will consolidate above 200 SMA❓
Yes 🤩| No 🎃
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