Warning: Bitcoin Has Just Reached a Multi-Year Resistance Level
Traders,
I must warn my followers of the resistance level that Bitcoin is now up against. Bitcoin has been shocking the world with price action these last several months and now would seem to be fairly over-extended. Additionally, Bitcoin has a serious resistance level that it must move through if it wants to move higher.
I am normally not an overly dogmatic type of analyst. This is where I become fairly biased. I do not see Bitcoin breaking this resistance without quite a bit of accumulation preceding momentum.
When we reached resistance at 53k, I called for sideways to down price action with the potential to touch 48k before proceeding upwards. We got our sideways action for over a week but we did not get any break of support. This is when I knew the bulls were going to attempt to continue upwards. You saw me making many altcoin entries at this point and we are still winning on those trades (more to come here).
But now, we have reached new resistance and this resistance is significant. It is not something to take lightly. We started this trendline back in 2019. So, for 5 years it has acted as either support or, in this case, resistance (see below):
I have been anticipating that at some point in the future, we would simultaneously reach our mid-cycle top as well as retract/retest our 48k neckline from that larger Cup and Handle pattern I have discussed for so long. I THINK NOW IS THAT TIME. Be ready.
However, it may take days, weeks, or even months to pull back and touch 48k. I believe now is the time to prepare for doing so. I am so confident that our resistance will hold the bulls off from further upside that I may enter a big short here soon. So, watch for that.
Until then, stay tuned and I will keep you up to date on the battle of our trendline here.
Stewdamus
I must warn my followers of the resistance level that Bitcoin is now up against. Bitcoin has been shocking the world with price action these last several months and now would seem to be fairly over-extended. Additionally, Bitcoin has a serious resistance level that it must move through if it wants to move higher.
I am normally not an overly dogmatic type of analyst. This is where I become fairly biased. I do not see Bitcoin breaking this resistance without quite a bit of accumulation preceding momentum.
When we reached resistance at 53k, I called for sideways to down price action with the potential to touch 48k before proceeding upwards. We got our sideways action for over a week but we did not get any break of support. This is when I knew the bulls were going to attempt to continue upwards. You saw me making many altcoin entries at this point and we are still winning on those trades (more to come here).
But now, we have reached new resistance and this resistance is significant. It is not something to take lightly. We started this trendline back in 2019. So, for 5 years it has acted as either support or, in this case, resistance (see below):
I have been anticipating that at some point in the future, we would simultaneously reach our mid-cycle top as well as retract/retest our 48k neckline from that larger Cup and Handle pattern I have discussed for so long. I THINK NOW IS THAT TIME. Be ready.
However, it may take days, weeks, or even months to pull back and touch 48k. I believe now is the time to prepare for doing so. I am so confident that our resistance will hold the bulls off from further upside that I may enter a big short here soon. So, watch for that.
Until then, stay tuned and I will keep you up to date on the battle of our trendline here.
Stewdamus
Stewdamus Trades -
Prophesying the price action of markets one chart at a time.
Crypto predictions, targets, how-tos, and much, much more!
Never miss a prophecy. Sign up for my free newsletter at:
stewdam.us
Prophesying the price action of markets one chart at a time.
Crypto predictions, targets, how-tos, and much, much more!
Never miss a prophecy. Sign up for my free newsletter at:
stewdam.us
