In this discussion, TechnicalRoundup shares his insights on the current state of the cryptocurrency market, particularly focusing on Bitcoin and whether we're seeing a bottom or just the beginning of a larger downturn.
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TechnicalRoundup begins by analyzing Bitcoin's price action, noting that it's currently testing the lower range of support around $60,000. He expresses concern about the repeated tests of this support level.
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Despite the bearish signals, TechnicalRoundup closed his short positions. He emphasizes that he prefers buying over shorting right now.
Regarding the possibility of new all-time highs, TechnicalRoundup is cautious. He suggests that if the current support level fails, we could be in for an extended period of bearish or sideways price action.
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TechnicalRoundup also discusses the broader cryptocurrency market, including altcoins and meme coins. He expresses skepticism about the sustainability of recent rallies in coins like Solana and Meme coins, suggesting that these movements might be short-lived without new money entering the market.
In conclusion, while TechnicalRoundup doesn't definitively state whether we're at a bottom or just beginning a larger downturn, his analysis suggests caution. He's waiting for clearer signals before making significant moves.
