At the moment price is seen to be consolidating within the outlined wedge, following the previous bullish build up. After the huge dump, we saw the price commence this retracement phase in which we still haven't found a proper resistance yet.
This brings me to my first point: looking at the daily, the confluent 7900/8000 level seems to be outlining perfectly with our long term fib level of 0.618. Perhaps we should take that into consideration before seeing another potential price dump.
I know the halving is around the corner and everybody is excited, but will Bitcoin really act as a hedge investment during these dark times we find ourselves in? Look how it previously played out when the Indexes dropped...simply correlated with their momentum. I'm not saying this is the end of Bitcoin, in fact I strongly believe 100k is achievable in the next few years, but this years halving might take its time to commence another bull run, especially due to the current fundamental circumstances we got going around.
It might be a bit too early to confirm anything here, it all depends how we see the price play out, assuming we reach our major resistance level at 7900.
This brings me to my first point: looking at the daily, the confluent 7900/8000 level seems to be outlining perfectly with our long term fib level of 0.618. Perhaps we should take that into consideration before seeing another potential price dump.
I know the halving is around the corner and everybody is excited, but will Bitcoin really act as a hedge investment during these dark times we find ourselves in? Look how it previously played out when the Indexes dropped...simply correlated with their momentum. I'm not saying this is the end of Bitcoin, in fact I strongly believe 100k is achievable in the next few years, but this years halving might take its time to commence another bull run, especially due to the current fundamental circumstances we got going around.
It might be a bit too early to confirm anything here, it all depends how we see the price play out, assuming we reach our major resistance level at 7900.