Hello Traders, welcome to today's analysis of Bitcoin.
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Explanation of my video analysis:
In 2018 Bitcoin created the previous cycle high which was roughly at the $17.000 level. In November of 2020 Bitcoin then broke above the resistance, came back to retest and started its new bullish cycle. If Bitcoin will now retest the confluence of support mentioned in the analysis, I will certainly be looking for more long setups to add to my current long position.
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I will only take a trade if all the rules of my strategy are satisfied.
Let me know in the comment section below if you have any questions.
The historical context you've provided about the previous cycle high in 2018 and the breakout in November 2020 is valuable for understanding Bitcoin's price movements.