Quick update from my previous idea, I shouldn’t have used the words bottom that was improper wording and wish I could’ve rephrased that. Anyways, looking at the daily time frame of Bitcoin and zooming out a bit, we can see that BTC has lost support at the $43,850 - $44,854 area and is now trading inside of this downtrend again.
From here, i’m expecting Bitcoin to retest the 1.618 Fib level at $39,696.01, the bottom of the accumulation area, and then bounce from there after it touches both there and this long term uptrend starting from the start of the uptrend. This uptrend is notable because it has also caught the uptrend @ 30k back in the summer, where we saw a reversal up to the 3.618 Fib resistance shortly after.
With the frothy stock market, interest rate hikes, and persistent Omicron fears, Bitcoin isn’t looking too hot itself either and there doesn’t seem to be a major bullish catalyst to push the price upwards at the moment. Again, on the larger time frame this move seems to be still selling off and the ‘bottom’ as I want to call it, could see at $39,696 along that 1.618 Fib level. $47,410 was a local level placed on the 4-hour time frame and isn’t visible on this chart.
As always please do your own research, this does not constitute as financial advice.
From here, i’m expecting Bitcoin to retest the 1.618 Fib level at $39,696.01, the bottom of the accumulation area, and then bounce from there after it touches both there and this long term uptrend starting from the start of the uptrend. This uptrend is notable because it has also caught the uptrend @ 30k back in the summer, where we saw a reversal up to the 3.618 Fib resistance shortly after.
With the frothy stock market, interest rate hikes, and persistent Omicron fears, Bitcoin isn’t looking too hot itself either and there doesn’t seem to be a major bullish catalyst to push the price upwards at the moment. Again, on the larger time frame this move seems to be still selling off and the ‘bottom’ as I want to call it, could see at $39,696 along that 1.618 Fib level. $47,410 was a local level placed on the 4-hour time frame and isn’t visible on this chart.
As always please do your own research, this does not constitute as financial advice.
