BTC bounces from 0.618 Fibonacci level and continues consolidating between the 0.5 and 0.618 levels for the last 5 weeks.
Following my prediction 2 weeks ago that Bitcoin has potentially reached its bottom we are seeing the second green weekly candle in 11 weeks after BTC made history with its 9 week decline since 21 March 2022.
Bitcoins global technical analysis outlook continues to provide signals the bottom is in with consolidation and upside from here on.
Should Bitcoins weekly candle close below the 0.618 Fibonacci we could see more downside till around $17500.
1. Horizonal trading volumes continue to rise from my last idea linked below and is on its way to become the second most traded price range which would signal this as a massive value area for buyers.
2. Trading volumes over the last 2 months remain at high levels showing good price conviction and demand.
3. Stochastic RSI trigger line has crossed over and is moving upward from the oversold zone showing upward momentum strength.
4. The two box areas which provided strong support previously in January 2021 and June 2021 continues to provide strong support in the third box area which going by previous durations would potentially last until end of June 2022 before we start to see a gradual increase in upward momentum into July 2022 and beyond.
Legendary Investment Trader, Cryptocurrency & Web3 Master
Boundless Lord
Following my prediction 2 weeks ago that Bitcoin has potentially reached its bottom we are seeing the second green weekly candle in 11 weeks after BTC made history with its 9 week decline since 21 March 2022.
Bitcoins global technical analysis outlook continues to provide signals the bottom is in with consolidation and upside from here on.
Should Bitcoins weekly candle close below the 0.618 Fibonacci we could see more downside till around $17500.
1. Horizonal trading volumes continue to rise from my last idea linked below and is on its way to become the second most traded price range which would signal this as a massive value area for buyers.
2. Trading volumes over the last 2 months remain at high levels showing good price conviction and demand.
3. Stochastic RSI trigger line has crossed over and is moving upward from the oversold zone showing upward momentum strength.
4. The two box areas which provided strong support previously in January 2021 and June 2021 continues to provide strong support in the third box area which going by previous durations would potentially last until end of June 2022 before we start to see a gradual increase in upward momentum into July 2022 and beyond.
Legendary Investment Trader, Cryptocurrency & Web3 Master
Boundless Lord
