As much as we are optimistic of BTC long term prospects, we are seeing signs of weakness from ROC and VOL. These show signs that the bullish push is gradually losing steam even when the price is going up.
The volume required for the same ROC at this current resistance of 100k is lacking and not as robust as before. This shows that The whales are probably waiting on the sidelines while FOMO retail investors pile up
We have witnessed 3 momentum events so far with the first FOMO event to be of the largest ROC and VOL. Unless we see a stabilization of price movement, we would expect a dip of at least 13.71% to approx. 85000 and the next support at another 14% down to approx. 80000.
We wouldn't advise piling more into it until the price has stabilized. With the resistance at 100k, the push to break resistance is missing and if it did cross that resistance, we antipate major BTC holders that enters at 70000 to take profit, which is a total of 44% gain in this month alone.
With semiconductor stocks like NVDA selling off at the moment, these 2 events will coincide and will expect continuous revival in semiconductor stocks in the next 2 weeks as those who profited from BTC will look for discounted stocks to cash into, especially with the dip in Chinese stocks.
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