Bitcoin needs to break $24k, and then we'll get a nice summer relief rally.
As I posted earlier, according to my analysis, bitcoin has set a bottom around the 0.618 Fibonacci retracement.
To date, bitcoin has failed to break the $24k resistance point, although it has made several attempts to do so.
24k is an important point, as it is the 0.5 Fibonacci retracement of the impulsive wave from July 2020 to April 2021.
If Bitcoin breaks this point, it is likely to surge towards the $30k mark, which is 0.382 Fibonacci.
Tonight it closes the week candle, if it succeeds and Bitcoin kicks off the week above this level, it is pretty bullish, and we are in for a fun summer.
On the weekly chart, we have almost a full MACD and RSI crossover, so that shows that bitcoin is ready to resume the bull market.
If it doesn't break the 24k mark, it will probably continue to fluctuate between 0.618 and 0.5 Fibonacci, or the 20k-24k range. This will give alts another chance to rise in btc value, as bitcoin has been losing dominance for several weeks.
So either way I expect a positive outcome for either bitcoin or alts which will rise in satoshi value.
As I posted earlier, according to my analysis, bitcoin has set a bottom around the 0.618 Fibonacci retracement.
To date, bitcoin has failed to break the $24k resistance point, although it has made several attempts to do so.
24k is an important point, as it is the 0.5 Fibonacci retracement of the impulsive wave from July 2020 to April 2021.
If Bitcoin breaks this point, it is likely to surge towards the $30k mark, which is 0.382 Fibonacci.
Tonight it closes the week candle, if it succeeds and Bitcoin kicks off the week above this level, it is pretty bullish, and we are in for a fun summer.
On the weekly chart, we have almost a full MACD and RSI crossover, so that shows that bitcoin is ready to resume the bull market.
If it doesn't break the 24k mark, it will probably continue to fluctuate between 0.618 and 0.5 Fibonacci, or the 20k-24k range. This will give alts another chance to rise in btc value, as bitcoin has been losing dominance for several weeks.
So either way I expect a positive outcome for either bitcoin or alts which will rise in satoshi value.