Looking from the monthly timeframe since December of 2020 to today, I see a Cup and Handle formation. In April of 2021, Bitcoin made a new all-time high of $64,000, then a sell-off occurred going into the summer. At the start of Quarter 4 of 2021, Bitcoin had an uptrend again, this time testing the resistance level of the previous all time high from Spring of 2021. All time high was broken again in the first week of November of 2021, forming the handle. Then a sell-off occurred going into the new year. This leads us to today, which is March 24th, 2022. Bitcoin has broken above the descending channel.
I would like Bitcoin to test the key resistance levels of $47,000. If Bitcoin manages to do that and break above $47K, then the next target point would be $50K.
Could this begin the final march up to break a new all-time high?
We shall see!
(NOT A FINANCIAL ADVISOR. ALWAYS DO YOUR OWN RESEARCH).
I would like Bitcoin to test the key resistance levels of $47,000. If Bitcoin manages to do that and break above $47K, then the next target point would be $50K.
Could this begin the final march up to break a new all-time high?
We shall see!
(NOT A FINANCIAL ADVISOR. ALWAYS DO YOUR OWN RESEARCH).
Comment:
This chart has been completely invalidated since the second week of April saw the rise of the 2-year and 10-year treasury yield bond rise for the first time since 2019. Also, the news after March's CPI data that came out on April 12th had a negative reaction to the stock market and crypto market.
Not the monthly timeframe. The Weekly timeframe**^