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Since the start of 2023, Bitcoin has been in a bullish phase after 14 months of selling. Personally, this is the most boring bullish phase that I can remember.
As seen on the chart, this whole mini bull-run has been the result of 12 big green days. We're now 217 days into 2023. What generally happens is that we get a couple of green days where the magic happens, followed by weeks of slow bleeding.
Surprisingly enough, the overall market structure still looks bullish to me. Bulls are in control as long as we're above the dotted support line. However, volume has dried up, which is rarely bullish.
Like I mentioned in yesterday's analysis; Bitcoin is at a crossroads. We're either going to see a big pump in the near future (a few big green candles, followed by weeks of bleeding), or we're going to break below the dotted support.
Seeing that volatility is at historical lows, it's more than likely that we're going to get some big price action in the near future to end this boring market. Furthermore, this is just a phase that we have to get through before the 'real' bull-run will start somewhere after the 2024 halving.
Since the start of 2023, Bitcoin has been in a bullish phase after 14 months of selling. Personally, this is the most boring bullish phase that I can remember.
As seen on the chart, this whole mini bull-run has been the result of 12 big green days. We're now 217 days into 2023. What generally happens is that we get a couple of green days where the magic happens, followed by weeks of slow bleeding.
Surprisingly enough, the overall market structure still looks bullish to me. Bulls are in control as long as we're above the dotted support line. However, volume has dried up, which is rarely bullish.
Like I mentioned in yesterday's analysis; Bitcoin is at a crossroads. We're either going to see a big pump in the near future (a few big green candles, followed by weeks of bleeding), or we're going to break below the dotted support.
Seeing that volatility is at historical lows, it's more than likely that we're going to get some big price action in the near future to end this boring market. Furthermore, this is just a phase that we have to get through before the 'real' bull-run will start somewhere after the 2024 halving.
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