The price of bitcoin is in an important range right now -a breakout above $17.334K and things could get interesting. If price pushes above the $19.2K resistance, or the downward sloping resistance -top trendline of a falling wedge pattern that began on 18JUN2022 -I would expect to see a test of the $21K resistance, with a breakout above = price headed towards at least $30K.
If price breaks out of the smaller falling wedge from 18JUN2023, the measured move target is just under the $24.589K resistance and puts price above the downward sloping resistance that began on 21NOV2021 at the $69K ATH -and would be a seriously BULLISH SIGN.
While I am not yet convinced that we've seen the "bottom" of this bear market, a rally from the current price of $17.2K to at least $19.2K is very probable, and if there is volume and strength behind the rise, we could see a test of $21.149K by February.
Some charts are showing some bullish structure -even though sentiment is mostly bearish across all markets right now.
Fed pivot en route? If they pivot in early March, then my 3MAR23 (+/- 14days) as the time frame for a BTC bear market bottom starts to see some confluence.
Have you seen the DXY?
My strategy RN is:
1. Buy now, prepared to sell in March.
and/or
2. Prepared to buy in March.
colored plots on the chart are my personal scripts.
If price breaks out of the smaller falling wedge from 18JUN2023, the measured move target is just under the $24.589K resistance and puts price above the downward sloping resistance that began on 21NOV2021 at the $69K ATH -and would be a seriously BULLISH SIGN.
While I am not yet convinced that we've seen the "bottom" of this bear market, a rally from the current price of $17.2K to at least $19.2K is very probable, and if there is volume and strength behind the rise, we could see a test of $21.149K by February.
Some charts are showing some bullish structure -even though sentiment is mostly bearish across all markets right now.
Fed pivot en route? If they pivot in early March, then my 3MAR23 (+/- 14days) as the time frame for a BTC bear market bottom starts to see some confluence.
Have you seen the DXY?
My strategy RN is:
1. Buy now, prepared to sell in March.
and/or
2. Prepared to buy in March.
colored plots on the chart are my personal scripts.