Long term #BTC chart variables evolving, we now need to figure out whether the quarterly trend continues from here, or if it requires longer time sideways at this price, to then trend strongly again during Q2 or Q3...
The current trend has an 8 quarter mode where #BTC was accumulated and changed hands from weak to strong buyers. The action we had in Q4 2023 signaled that #Bitcoin was ready to break out from this base, and trend towards 195k or higher within 8 quarters.
Q1's price action will determine the pace of the trend, if price goes above 60k ish before the end of the bar, the trend remains in place and we can expect the predicted forecast to come to pass in a timely manner.
If price fails to surge past that level, then we will need to evaluate at what level a new trend signal can trigger during Q2 to signal continuation of the trend.
Monthly charts also give us some hints here, as we had a down trend that was reversed with the surge past 28k during October 2023, that predicted a 6 month advance.
The target for that monthly signal was hit last month, and time expires during March, so this could precede basing action for another 6 months before the trend can resume in #Crypto .
Either scenario requires some patience holding and waiting for a new signal or for confirmation of continuation during Q1, ideally you entered lower when I suggested #Bitcoin was a buy near 28k, anticipating a long term trend, so you have more leeway to hodl.
Cheers!
Ivan Labrie.
The current trend has an 8 quarter mode where #BTC was accumulated and changed hands from weak to strong buyers. The action we had in Q4 2023 signaled that #Bitcoin was ready to break out from this base, and trend towards 195k or higher within 8 quarters.
Q1's price action will determine the pace of the trend, if price goes above 60k ish before the end of the bar, the trend remains in place and we can expect the predicted forecast to come to pass in a timely manner.
If price fails to surge past that level, then we will need to evaluate at what level a new trend signal can trigger during Q2 to signal continuation of the trend.
Monthly charts also give us some hints here, as we had a down trend that was reversed with the surge past 28k during October 2023, that predicted a 6 month advance.
The target for that monthly signal was hit last month, and time expires during March, so this could precede basing action for another 6 months before the trend can resume in #Crypto .
Either scenario requires some patience holding and waiting for a new signal or for confirmation of continuation during Q1, ideally you entered lower when I suggested #Bitcoin was a buy near 28k, anticipating a long term trend, so you have more leeway to hodl.
Cheers!
Ivan Labrie.