BTC in an ascending triangle. Breakout to the upside possible
BTC is in an asending triangle with $25,000 USD on the top as psychological price resistence
A breakout to the upside is more likely than a drop
$25k was also resistence back in August 2022 when the price could not break through it.
However, Bitcoin has a well known four year cycle and it is in a better place in that cycle to push up through that price
In the short term, I expect Bitcoin will trade within that triangle - getting itself into a price squeeze. Trading slows down as the squeeze tightens followed by frantic trading when a breakout occurs.
If a breakout to the upside happens, it will be game on until the Bitcoin Halvening event happens (expected sometime in March) but in the meantime its a good times for Crypto in general.
Taking a much longer term outlook - the current price will look like chicken feed in 3 years time so it doesnt matter if you buy BTC now - or when it was $16 or later at $30k - its all cheap around this price. Bitcoin is in a four year cycle and the bull run has only just started in this cycle so its good times ahead.
A breakout to the upside is more likely than a drop
$25k was also resistence back in August 2022 when the price could not break through it.
However, Bitcoin has a well known four year cycle and it is in a better place in that cycle to push up through that price
In the short term, I expect Bitcoin will trade within that triangle - getting itself into a price squeeze. Trading slows down as the squeeze tightens followed by frantic trading when a breakout occurs.
If a breakout to the upside happens, it will be game on until the Bitcoin Halvening event happens (expected sometime in March) but in the meantime its a good times for Crypto in general.
Taking a much longer term outlook - the current price will look like chicken feed in 3 years time so it doesnt matter if you buy BTC now - or when it was $16 or later at $30k - its all cheap around this price. Bitcoin is in a four year cycle and the bull run has only just started in this cycle so its good times ahead.
Trade closed manually