Technical analysis by CengizhanS about Symbol BTC on 3/6/2024

It's coming, it's coming, just wait a second, brother. I had to write when I saw FOMO in the eyes of my beloved, experienced analyst and trader friends. I know, you are all very profitable, you make excellent transactions. You are the supreme command taker. But wait a minute, let's open the window, take a deep breath... BTCUSD Let me give you my first goal, so you can relax. Yes, 124K is the main target. Afterwards, it may rise even higher, but we will talk about it again that day. Now let's get to the warnings. The year is 2018 BTC Reis is around 17k, people around me are saying "oh I wish it would drop to 11k so we could buy it, if it dropped to 10k we could buy it". BTC They didn't buy it when it dropped to those prices. They were afraid to take it. Afterwards btc dropped to 3k. In other words, a significant portion of those who expect a decline will not buy when the decline comes. But there are those who will sell what they hold out of fear! Don't think that the price will hit the bottom when it comes down to what I'm saying. No, that's left behind. We are in the bull. But just because we are bullish does not mean that declines larger than 15% will not come. He reached the level he reached today very quickly. The areas I circled are the levels to be conquered by market makers. Here, those who enter the transaction or those who receive btc will be asked to be put in a difficult situation. These declines will be a signal for some to come and a reason for panic selling due to fear of decline for others. Here, open interest (let's say the number of longs opened) is very high. Additionally, funding rates are at high levels. The man says that it has decreased from 0.09 to 0.03, the funding rates look good. Now at 0.05 I do not see a decreasing funding rate. This itself creates selling pressure. The 10% drop didn't help. I have many scenarios in my mind. I do not proceed with a single scenario. The support-resistance levels you see are new trading entry levels for me. We may continue to see price increases that will challenge funding rates!!! But if it rises after seeing the 52-48-42 levels, it will bring a much healthier rise. By lingering here, more participants can get btc. At least that's what I would do if I were MM. The green rising support is very important. I'm not saying it should fall to 40 for the market to rise, but I'm saying it can go back half the way. For such a decline, fundamental reasons, not technical ones, are required. A ridiculous news coming from an institution in the USA could be a reason for FUD. I don't know if there is anything that would pose such a risk at the moment! As my dear friend Melih Yılmaz said, "The FED is either bored or wants to suppress a corporate sell-off. Fundamentals are now just interpreting events. They are losing their ability to predict." Therefore, it would be right to design a game without waiting for any fud news from the foundation. Do not forget your valuable comments and likes. I wish you good days where you do not get complacent and do not buy or sell in panic.