Since mid-December BTC has been in a symmetrical triangle. It broke out on February 28 for 3 days as it tried to reach the 48K P1 yearly pivot point. It didn't quite hit 46K before dropping to the bottom of the symmetrical triangle again.
Now it looks about ready to make another try at a breakout. If successful, it will likely retest the 48K P1 pivot point. If bulls win, 48K will become support and then we'll hopefully see a huge pump and test the R1 pivot point at 68k and maybe even the top of the main channel at 72K.
It feels to me like we're seeing a similar pattern to July last year. Then as now we had a big drop from an ATH that even the usually-bullish Mercury Retrograde wasn't enough to turn around. Then as now, the big drop was followed by weeks of mostly sideways action and 2 touches of the bottom of the main channel.
Based on that pattern, I would usually say the chances of a nice bull run soon are high, but with the war and all it's not as easy a call. I still think we'll probably see a test of 48K, but after that I'm less certain if prices will rise further or maybe even drop as low as the yearly S1 support pivot point.
Now it looks about ready to make another try at a breakout. If successful, it will likely retest the 48K P1 pivot point. If bulls win, 48K will become support and then we'll hopefully see a huge pump and test the R1 pivot point at 68k and maybe even the top of the main channel at 72K.
It feels to me like we're seeing a similar pattern to July last year. Then as now we had a big drop from an ATH that even the usually-bullish Mercury Retrograde wasn't enough to turn around. Then as now, the big drop was followed by weeks of mostly sideways action and 2 touches of the bottom of the main channel.
Based on that pattern, I would usually say the chances of a nice bull run soon are high, but with the war and all it's not as easy a call. I still think we'll probably see a test of 48K, but after that I'm less certain if prices will rise further or maybe even drop as low as the yearly S1 support pivot point.
