We've observed a clear bearish rejection on the weekly chart for both Bitcoin and PAXG (tokenized gold) spread. However, on the monthly chart, we've experienced a breakout. This situation presents two possible scenarios:
Micro Moves and Bullish Retest: It's possible that we are currently in a phase of smaller, more intricate price movements, and the market could be gearing up for a retest of the purple level before potentially turning bullish.
Weekly vs. Monthly Dynamics: Alternatively, this could be one of those exceptionally rare instances where the weekly close takes precedence over the monthly close.
While it's challenging to ascertain with absolute certainty, I would anticipate a retest of at least 50k for Bitcoin before considering the possibility of a complete collapse. The pivotal point to watch closely is the outcome of the purple retest. You can find a version of the chart without the spread in the related ideas section for further analysis.
Micro Moves and Bullish Retest: It's possible that we are currently in a phase of smaller, more intricate price movements, and the market could be gearing up for a retest of the purple level before potentially turning bullish.
Weekly vs. Monthly Dynamics: Alternatively, this could be one of those exceptionally rare instances where the weekly close takes precedence over the monthly close.
While it's challenging to ascertain with absolute certainty, I would anticipate a retest of at least 50k for Bitcoin before considering the possibility of a complete collapse. The pivotal point to watch closely is the outcome of the purple retest. You can find a version of the chart without the spread in the related ideas section for further analysis.
