The Bulls stepped in and flexed their muscles. However, simply providing their attendance isn't enough to facilitate a breakout, at least not yet - although it does show us they are still here.
Bitcoin has now entered into complex correction territory. This means that, even though targets can reach as high as $78,688, it isn't necessarily indicative that we have returned to the bullish trend. If that region of heavy resistance is broken, the Bulls are back in full control of the trend. If Bitcoin remains in this corrective region, it drastically lengthens the time in which Bitcoin can remain in this corrective channel.
Bitcoin's first hurdle is the 1:1 @ $64,899. Based on the current structure as well as the strength in momentum, I'm under the impression that Bitcoin will very likely breakout and at least test the $73k - $78k region.
It is also important to highlight that this region is dense with liquidity. This is where the big boys play. And will oftentimes push the market toward these regions in order to make their real trades.
Below is a simplified breakdown without all the clutter as well as the range of momentum zones that will help indicate whether Bitcoin will breakout or if Bitcoin will continue this correction.
Thanks for reading and I hope this can help provide any useful information. But remember:
Bitcoin makes the structure, the structure doesn't make Bitcoin.
I plan to continue to provide updates as the structure continues to develop.
Bitcoin has now entered into complex correction territory. This means that, even though targets can reach as high as $78,688, it isn't necessarily indicative that we have returned to the bullish trend. If that region of heavy resistance is broken, the Bulls are back in full control of the trend. If Bitcoin remains in this corrective region, it drastically lengthens the time in which Bitcoin can remain in this corrective channel.
Bitcoin's first hurdle is the 1:1 @ $64,899. Based on the current structure as well as the strength in momentum, I'm under the impression that Bitcoin will very likely breakout and at least test the $73k - $78k region.
It is also important to highlight that this region is dense with liquidity. This is where the big boys play. And will oftentimes push the market toward these regions in order to make their real trades.
Below is a simplified breakdown without all the clutter as well as the range of momentum zones that will help indicate whether Bitcoin will breakout or if Bitcoin will continue this correction.
Thanks for reading and I hope this can help provide any useful information. But remember:
Bitcoin makes the structure, the structure doesn't make Bitcoin.
I plan to continue to provide updates as the structure continues to develop.
