- Level-to-Level Pump: Bitcoin may continue its upward momentum, targeting the $37,000 – $38,000 range. This scenario is possible but considered less likely than scenario two.
- Fake Dump and Breakout: A probable scenario involves a temporary dip below the WMA200 to liquidate positions around $29,000. Bitcoin would then rebound, breaking above the $31,800 resistance and continuing its upward trajectory.
- Worst-Case Scenario: In the event of a daily close below the EMA50 at $29,000, Bitcoin could face further downside pressure, potentially reaching the liquidity pool around $24,000. Although not highly likely, this scenario becomes more plausible if the EMA50 is breached.
Crypto analyst Doctor Profit has shared insights into potential scenarios for Bitcoin’s price movement over the next 7-14 days. Based on his analysis, he highlights three possible outcomes that traders and investors should consider.
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The first scenario suggests a continuation of the level-to-level pump, with Bitcoin aiming to reach the $37,000 – $38,000 range. While this outcome remains a possibility, Doctor Profit deems it less likely compared to the second scenario.
In the second scenario, Bitcoin could experience a temporary fake dump, dropping below the WMA200 to shake out retail positions around the $29,000 region. Subsequently, the cryptocurrency would rebound, surpassing the $31,800 resistance level and resuming its upward trajectory. Doctor Profit views this as the most probable scenario in the current market conditions.
However, the worst-case scenario entails Bitcoin losing its foothold above the EMA50 at the $29,000 region. If this occurs, it could open the door for further downward pressure, potentially pushing Bitcoin towards the liquidity pool near $24,000. Although this scenario is not highly likely, Doctor Profit cautions that breaching the EMA50 support would increase the likelihood of a more significant correction.
Traders and investors are advised to closely monitor Bitcoin’s price action and watch for key levels, including the $29,000 support and $31,800 resistance. These levels will provide important insights into which scenario is likely to unfold in the coming days.
Please note that cryptocurrency investments involve risks, and readers are advised to conduct their own research and consult with financial professionals before making any investment decisions.
Disclaimer: The information provided in this article is for informational purposes only and should not be considered as financial or investment advice. The author and the publication do not endorse or encourage any specific investment strategies.
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