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Bitcoin is approaching the resistance level.
It made a huge bull cycle since September 21, 2021, when it was trading 39,000 and 40,000 per tether. Even though China's country tries to regulate and bans Crypto people keep buying and expected the huge pump. Then, it was what happened at the beginning of October 2021 that SEC Chairman seemed to approve Bitcoin ETF. But they delay it again. Whatever happens, when people find the right place and time, they buy the dip.
Today Bitcoin is trading at 56k around and rises +3% in the past 24h and far from 40k. Furthermore, in my own opinion, it has to retest 59k with the reversal pattern bearish signal. Even though I am talking about the correction it shouldn't be a massive drop. I am expecting a reversal pattern before the storm. If we will see BTC at 59UST our next support level is 50k-52k. Keep in mind there is a lot of demand at 48k.
I am waiting for that event that will come soon and prepare to buy again.
Disclaimer: I am not your financial advisor.
