- During the Monday trading session, there was a modest increase in Bitcoin, and the price is still hovering around $52,000.
- In the end, I believe this is a situation we will finally overcome, mostly because at this point all we have is momentum.
- In this case, a lot of individuals will find some solace in the notion that things might go wrong in the near run.
Consequently, I believe that the longer we continue sideways, the more like it is that we will experience an upside breakout. Having said that, I believe a lot of people would be keeping an eye on the 47,500 level if we were to retreat from here since it is so important. Anything below there would start to attract the attention of a lot of traders. That being said, there is a lot of noise underneath there that extends down to the crucial $40,000 level.
Market Memory
It all boils down to the fact that I believe there is market memory noise in that area and that many traders will return. On the plus side, if we keep breaking out, we'll reach the $55,000 mark, which is, in my opinion, a fairly simple target. From there, we could reach $60,000.
Naturally, Wall Street's ETF has given the Bitcoin market a significant lift but bear in mind that Wall Street will only be pushing this up and passing it off to ordinary traders rather than making as many investments as possible. That is the work of Wall Street.
I would therefore be a little concerned about the fact that we are a little long in the tooth. Ensure that you have established stop losses. And since it will ultimately do something similar, if you have been riding this up, don't let it go, but don't let it go back to where it was either.
It's not precisely the case that all of your steadfast true believers can be found on Wall Street. Since they will have a lot more money than retail traders, they will ditch it as soon as there is any indication of turmoil, making their withdrawal from the market much riskier. Ultimately, they can really wreck the market this time if they choose to.
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