Bitcoin Hits Resistance: Daily Drop Risk as Trend Algos Indicate Reversal
Bitcoin is facing resistance at a key level on its native chart, which could lead to a daily drop in price. According to @MI_Algos, both trend prediction algorithms are indicating that the probability of a daily timeframe drop has increased. However, if Bitcoin pumps above $78.8k, this signal could flip.
The current market consensus is that the recent advance lacked organic buying support, which may indicate a healthy retracement towards the 50-EMA support before any continuation attempt in the price prediction environment.
FireCharts data shows a significant roof pull of ask liquidity, forcing traders to monitor CVD order flow for confirmation on whether whales treat this level as a trap or an open door. This is crucial in determining the direction of the market.