#Bitcoin appears to be slowing down on the daily chart and moving sideways on the 4-hour chart, indicating potential volatility with pumps and dumps. Traders are advised to take profits from long positions in altcoins and prepare for possible lower entries.
The most noticeable level is at Monday's high of 50,413, but caution is advised as overly obvious levels can create liquidity pools for whales to exploit. The next significant level begins around 46,000, providing a point for strategic limit orders.
For short positions, it might be prudent to wait for another manipulation move upward. The Thursday high at 52,859 could be a prime location for stop hunting before a potential downturn. However, the overall bullish trend on the weekly chart adds complexity to the decision-making process.
Key Fibonacci levels from last week's candle body include:
🔷 0.618 at 46,113 - correlates with the 2022 open at 46,210
🔷 0.500 at 45,437 - correlates with the highs on 11th January and 8th February at 45,600
🔷 0.382 at 44,760 - correlates with the 2023 high at 44,780
Nearest levels to monitor in #BTC price action:
🔸 56,975 - November '21 close
🔸 53,245 - November '21 low
🔸 50,413 - Monday NY session high
🔸 49,027 - January high
🔸 48,200 - 2022 high
🔸 46,210 - 2022 open
Trend: 4H ↗️, D 🔼, W 🔼, M 🔼
🤑 Fear & Greed Index: 76 < 72 < 72 < 74 < 79 📉
