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Double Down on the Dips
Compass

Double Down on the Dips

Crypto Compass 22

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Swissblock Insights
May 24, 2023
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Double Down on the Dips
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Key Takeaways

  • Going long is a great opportunity at these levels; while a drop is still on the table, the number of potential buyers waiting to buy lower could be the rocket BTC needs to reach $30k.

  • Shorts are getting weaker after another failed attempt to hit $25k. Was this the last one?

  • BTC is oxygenating selective alts like the one mentioned below. This is a sign of an improving sentiment.

  • Bitcoin dropped below $27k, suspending the short-term bullish trend identified last week. However, this is a much-needed retrace for the more significant move up.

  • We are bottoming out: this last test of the 200SMA should encourage more players to long. Shorting at these levels is riskier, as Bollinger Bands suggests that a move up is inevitable.

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