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BTC has rallied a bit but really at this point, it’s just a continuation of recovering from the massive pullback that we had recently seen. Going forward, this is a scenario where we are now going to try to get to the top of what could end up being the overall consolidation range between $40k and $47k.
Ultimately, we have a situation where you continue to buy dips, but ultimately beyond that, we have a situation where market participants will continue to see a lot of volatility and if that’s going to be the case, then you will get the occasional buy on the dips opportunity present itself.
The $38k level is identified as a crucial support level, serving as the swing low that held up effectively in the previous market movement. Below this, the $35k level is considered a major floor, especially with the 200-day EMA approaching it, and a breakdown below $35k could signal the end of the current trend for BTC.
Short-term expectations include continued efforts to find consolidation, with attention focused on the $47.5k level, a significant point on the chart that has influenced recent price movements. A break above $47.5k could lead to a move toward the $52k level.
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