Bitcoin seems to be riding the top of the previous pennant at the moment, where it's re-charging for an attack on the impulse core (1min chart) at 38-39k.
The previous dip is being labelled as a 'spring' by many; but I am not sure. It was so very weak. That is either an incredibly bullish sign that the bears are exhausted, and Bitcoin is ready to fly again. Or it's a bit of a trap. And the real spring is about to happen!
Later today / tomorrow, I am expecting Bitcoin to move up to attack the $38-39k level. And the subsequent battle there will be where the shorts make their stand IMO. If Bitcoin shows weakness; it could very well drop down to the bottom of the box again, and retest 30k, possibly even 27k (61% fib re-tracement of the entire bull run). This is where I would expect things to properly spring, and for Bitcoin to make a very strong recovery; very quickly. (I am a perma bull given the adoption and fundamentals behind Bitcoin).
This is going to be a fun week!
Mega dip and V shaped recovery coming; or we just fly and try to get back above the $54k level before the end of the month to avoid the 'death cross', which will create a significant high time frame rejection, that will potentially fuel the entire parabolic run. As has happened in previous cycles.
Let's see how this goes!
Personally, if BTC shows signs of weakness, I will dump all my alts back into BTC. With the intention of re-buying my alt positions on the dip. That way I never lose exposure to an explosive crypto bounce; but retain the potential to stack my sats!
The previous dip is being labelled as a 'spring' by many; but I am not sure. It was so very weak. That is either an incredibly bullish sign that the bears are exhausted, and Bitcoin is ready to fly again. Or it's a bit of a trap. And the real spring is about to happen!
Later today / tomorrow, I am expecting Bitcoin to move up to attack the $38-39k level. And the subsequent battle there will be where the shorts make their stand IMO. If Bitcoin shows weakness; it could very well drop down to the bottom of the box again, and retest 30k, possibly even 27k (61% fib re-tracement of the entire bull run). This is where I would expect things to properly spring, and for Bitcoin to make a very strong recovery; very quickly. (I am a perma bull given the adoption and fundamentals behind Bitcoin).
This is going to be a fun week!
Mega dip and V shaped recovery coming; or we just fly and try to get back above the $54k level before the end of the month to avoid the 'death cross', which will create a significant high time frame rejection, that will potentially fuel the entire parabolic run. As has happened in previous cycles.
Let's see how this goes!
Personally, if BTC shows signs of weakness, I will dump all my alts back into BTC. With the intention of re-buying my alt positions on the dip. That way I never lose exposure to an explosive crypto bounce; but retain the potential to stack my sats!
So... what now?
No clear direction as of yet; could go either way.
As pure speculation; i'd say perhaps we try one more time for the 38k-39k region today. And if it fails to power through, I would anticipate a bearish weekend. As they take advantage of the low liquidity time (weekend) to print the spring; before buying it all back up next week.