Scenario 1: If the Bulls can hold the support at $56,500 for the next day then it will confirm Bitcoin continuing along the 25ema finally breaking the resistance around $61,000 and climbing the steep climb to $65k and then a try at $70k over the next week to two weeks.
Scenario 2: If the support doesn't hold at $56,500 the next support down is at $55,400 level which is an incredibly strong support. Holding there and then a small move to the upside around $57k falling back to the same support at $55,400 over the next few days which will confirm consolidation and the formation of a bullish flag eventually exploding upwards to drive past $65k to $70k then on to $75k. If the flag is a go I have a date set on next Friday, March 25th when $6.1 billion in Bitcoin Options is set to expire giving Bulls that extra gas and momentum to Elon Musk into outer space.
Be prepared for a nasty retrace when we get to the $75-$77k area back down to around $57k as I believe Bitcoin is beginning to take a steeper inclined route to the upside as most markets/tradeable assets do when they become more and more bullish and are getting closer and closer to their peaks. I saw a fractal image a twitter user has been following that has been 99% accurate this entire cycle thus far and if you line it up with BTC's movement it shows this nasty retrace.
Good Luck! Buy the dips. HODL 'til the wheels fall off!
Ricky Bobby - "If you ain't first you're last"
Note the Stoch RSI on the MACD 4hr Chart is about to cross within the next 24 hours and is starting to show a substantial decrease in bearish pressure!
Scenario 2: If the support doesn't hold at $56,500 the next support down is at $55,400 level which is an incredibly strong support. Holding there and then a small move to the upside around $57k falling back to the same support at $55,400 over the next few days which will confirm consolidation and the formation of a bullish flag eventually exploding upwards to drive past $65k to $70k then on to $75k. If the flag is a go I have a date set on next Friday, March 25th when $6.1 billion in Bitcoin Options is set to expire giving Bulls that extra gas and momentum to Elon Musk into outer space.
Be prepared for a nasty retrace when we get to the $75-$77k area back down to around $57k as I believe Bitcoin is beginning to take a steeper inclined route to the upside as most markets/tradeable assets do when they become more and more bullish and are getting closer and closer to their peaks. I saw a fractal image a twitter user has been following that has been 99% accurate this entire cycle thus far and if you line it up with BTC's movement it shows this nasty retrace.
Good Luck! Buy the dips. HODL 'til the wheels fall off!
Ricky Bobby - "If you ain't first you're last"
Note the Stoch RSI on the MACD 4hr Chart is about to cross within the next 24 hours and is starting to show a substantial decrease in bearish pressure!