BTCUSD shorts have now been approaching a large support zone that has been held for the past year. If this level fails to hold we could see a large rally.
The price of BTCUSD went from 5k to 20k while the shorts were under this current support line. As seen in the past, a drop from this level has pushed the price of BTCUSD upwards.
The fundamentals on BTCUSD have been very bullish and continue to be. Bitcoin transactions have also been increasing rapidly, approaching the zones when BTCUSD was at or around 20k.
This is likely the trend change we have all been waiting for.
As for the short term to mid term, It seems likely that bitcoin may need to come down a bit before getting enough steam to blow through the $4,400 resistance zone .
Also every time the shorts got close to that resistance in the bear market a huge dump followed shortly after...
traderview2
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@kryptoeking, yes, but Bitcoin wasn’t retraced 85% from its high. We also didn’t have the highest weekly histogram tick for 14 months either. Our bear market also wasn’t going on for 430 days either. We also didn’t have fidelity launching its institutional platform any of those months. And, we also didn’t have bitcoin transaction volumes close to previous highs. Always take ALL factors into account....