Bullish divergence on 4 HR candle, could signal a short term rally.
Blue zone in the fib fan is a strong channel and has been tested before earlier this year.
If Purple and White on the 4MA begin to spread apart again, I expect the run to be longer.
Both 4HR and 1D RSI show signs of being oversold.
OPINION:
Remember that more large institutions are embracing bitcoin, with some pulling complete reversals on their stance towards it over the past three years, and especially this year. Bitcoin is being included in major financial payment systems, and there is significant outflow of BTC to business reserves from the past quarter. I think we have "crossed the Rubicon" on crypto (mostly BTC/ETH) and the level of investment from the mainstream business world has hit the critical point, so I don't expect bitcoin to tank below 40k, and could even reach 100k this year. This correction seems like a shakeout for them and others to buy more. I will mention that the media has reported large investment positions liquidated at the ATH, but that doesn't mean bitcoin is out of steam, or that they aren't waiting for an opportunity to get back in. I believe there are too many people willing to buy the 40k range for this to continue much longer. I also think retail investors are understanding this more than ever and are holding long term while buying dips.
Good luck!
Blue zone in the fib fan is a strong channel and has been tested before earlier this year.
If Purple and White on the 4MA begin to spread apart again, I expect the run to be longer.
Both 4HR and 1D RSI show signs of being oversold.
OPINION:
Remember that more large institutions are embracing bitcoin, with some pulling complete reversals on their stance towards it over the past three years, and especially this year. Bitcoin is being included in major financial payment systems, and there is significant outflow of BTC to business reserves from the past quarter. I think we have "crossed the Rubicon" on crypto (mostly BTC/ETH) and the level of investment from the mainstream business world has hit the critical point, so I don't expect bitcoin to tank below 40k, and could even reach 100k this year. This correction seems like a shakeout for them and others to buy more. I will mention that the media has reported large investment positions liquidated at the ATH, but that doesn't mean bitcoin is out of steam, or that they aren't waiting for an opportunity to get back in. I believe there are too many people willing to buy the 40k range for this to continue much longer. I also think retail investors are understanding this more than ever and are holding long term while buying dips.
Good luck!
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