Bitcoin (BTCUSD) broke above the psychological 40000 mark, trading now even above 41k. Those are levels that we haven't seen since the week of April 18 2022! And we don't know yet where this euphoric (on Fed, ETF anticipation) candle will stop.
Technically, the next Resistance level is the 48220 High that was the first Lower High made after the November 2021 All Time High, on the week of March 28 2022. With the current trend structure it is not unrealistic to hit this zone as the pattern remains a Channel Up since the November 2022 market bottom. The current bullish leg resembles that of March 2023 and the price action now is on a course to price the new Higher High near the 48220 Resistance.
Beyond that it is high speculation but if it continues to repeat the waves of the Channel Up and the sequence after the April 10 2023 High, we could see a Falling Wedge bottoming close to Halving 4 (expected in April 2024) and as you are all aware of, the supply shock that the Halving causes to BTC, should gradually set in motion the Parabolic Rally of the Bull Cycle.
In addition to the above, BTC is about to complete in the next 2-3 weeks the first ever Golden Cross on the 1W time-frame, which is when the 1W MA50 (blue trend-line) crosses above the 1W MA200 (orange trend-line). It will be really interesting to see how the market will react for the first time to such a bullish technical pattern.
But what do you think? Do you think that Channel Up is too scripted to be true? If not, can Bitcoin test 48k next straight away or a pull-back to test the middle/ bottom of the Demand Zone would be more realistic? Feel free to let us know in the comments section below!
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Technically, the next Resistance level is the 48220 High that was the first Lower High made after the November 2021 All Time High, on the week of March 28 2022. With the current trend structure it is not unrealistic to hit this zone as the pattern remains a Channel Up since the November 2022 market bottom. The current bullish leg resembles that of March 2023 and the price action now is on a course to price the new Higher High near the 48220 Resistance.
Beyond that it is high speculation but if it continues to repeat the waves of the Channel Up and the sequence after the April 10 2023 High, we could see a Falling Wedge bottoming close to Halving 4 (expected in April 2024) and as you are all aware of, the supply shock that the Halving causes to BTC, should gradually set in motion the Parabolic Rally of the Bull Cycle.
In addition to the above, BTC is about to complete in the next 2-3 weeks the first ever Golden Cross on the 1W time-frame, which is when the 1W MA50 (blue trend-line) crosses above the 1W MA200 (orange trend-line). It will be really interesting to see how the market will react for the first time to such a bullish technical pattern.
But what do you think? Do you think that Channel Up is too scripted to be true? If not, can Bitcoin test 48k next straight away or a pull-back to test the middle/ bottom of the Demand Zone would be more realistic? Feel free to let us know in the comments section below!
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** Please LIKE 👍, FOLLOW ✅, SHARE 🙌 and COMMENT ✍ if you enjoy this idea! Also share your ideas and charts in the comments section below! This is best way to keep it relevant, support us, keep the content here free and allow the idea to reach as many people as possible. **
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