Dr. Profit, a renowned trading strategist and expert in technical analysis, recently unveiled his latest insights on Bitcoin’s future trajectory. In his comprehensive Sunday report, he underscored the precision of his prior forecasts, including a long position at the liquidity pool valued at approximately $25,200 and a short-term target of $26,800.
Doctor Profit is eyeing the $25,600 region for a potential long trade. He plans to capitalize on this by placing several long orders in that area. However, he emphasizes that this short-term bullish stance doesn’t indicate a long-term outlook. He advises traders to distinguish between Scalp and Swing trades, as mixing these up often leads to confusion.
The liquidity pool, a topic of discussion in Doctor Profit’s previous reports, continues to grow. It’s now substantial enough to be a legitimate target for market makers. The famous Twitter analyst points out that $28,600 is the next potential target for these market makers, especially if Bitcoin breaks above the EMA200 daily, currently at $26,990. He believes that the profits market makers could make from hitting the $28,600 mark are equivalent to the profits from a drop to the $23.5k region. If Bitcoin reaches the $28,600 region, Doctor Profit plans to increase his short positions.
Long-Term Market Outlook
Despite the short-term trading opportunities, Doctor Profit maintains a bearish stance. He warns traders not to be misled by liquidity grabs. His previous target of $23,500 has now been adjusted, and he’s now looking at the 23 – 20k region as the potential local bottom before the 2024 bull market kicks off.
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Show more +He believes a significant dump, accompanied by widespread fear, is necessary before the next bull market can commence. Doctor Profit’s analysis suggests two key levels to watch: a long scalp at the $25,600 region and adding more shorts at the $28,600 region. His main bearish target remains the 23 – 20k region, which he believes has become even more bearish.
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