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Will $BTC hold the $42K support? for COINBASE:BTCUSDC by SilasMorerwa

Let me first begin by stating that Bitcoin is still in a healthy state. I took time to zoom into the micro levels of the bitcoin charts to find out what is going on in the more immediate term.

Just as a follow up to my previous chart which (I will link at the bottom) that there seems to be a push for a further 8% dip to the $40/41K levels.

The market is in a classic accumulation phase also in a descending channel which is are all good signs for a bullish reversal.

The descending wedge has the potential to push the market lower in search for a much lower bottom.

The it may be very tricky to trade this young accumulation phase as it presents the whales and institutional money to liquidate further long positions in the leveraged markets.

The $42K level is the perfect environment for more liquidations to take place.

As I have thoroughly observed, the daily 200MA may still be the reason why there is a gravitational pull each time the retail hands attempt to push prices higher.

The market is also moving in a bullish convergence which is also a good sign showing potential reversal may take place any moment.

As you can see in the charts, we are edging closer to finding that bottom which I still suspect may be at the $40/41K levels before the mark up phase.

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