BTC has been pushing hard this past week from its last break out. I unfortunately thought I posted here but instead elsewhere. BTC was in a broadening triangle on declining volume with an upside target of 22.8k. It nailed the target, consolidated again, and pushed even higher. The stock market flipped major resistance into support quickly this past week was unexpected and added a lot of bullish momentum to BTC. A lot of these moves were surprising and sudden but the overall bear trend has not been invalidated even though I am expecting more upside. We seem to be consolidating in a minor pattern on declining volume which would indicate continuation higher up to 24k which is my primary view. On a break down, I will look for a retest at 21.4k on a break down. Given how much we have moved without a pull back and we are in the middle of the channel and pull back will most likely be soon. If not and we shoot to 25.3k, I would look for a pull back from there. The 25.4k level is a significant level for the over all trends. it is the major down trend high we need to beat to indicate a new trend is forming to the upside. Could it be the beginning of the bull market? possibly but I'm personally not sold on it yet. Nothing has really felt like capitulation to me and I still think there are some major bearish catalysts this year coming up.
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THis is how I've been watching our bear markets lower highs. This is why 25.3k is significant to me
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I am also mostly bullish because the stock market closed above major support this week. Idk what is stopping it from retesting the major down trend at 403-405 from here. This upside will really help BTC breath
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At least in the short term