The final monthly support trend from all the way back to 2021 is finaly giving up. Btc has been in a short distribution fase of Wykhoff to get all the final liquidity and supply for a move downwards. As we can see from a higher timeframe BTC has broken the marketstructure. On the weekly we can confirm this. A downwards trend is holding the price down.
Important...
These cycles I mention in my TA are based on 4H MA (99) support. I've traded the past month based on this MA 4H and I believe its one of the key factors why btc pumped so hard. We have had 2 cycles now, which both touched the MA in a period of 13 1/3 days. Now btc dumped a bit hard, that's why it's difficult to think of another cycle like the other 2. And tbh I...
Right now, it's make or break for Bitcoin.
We are currently testing December's resistance line.
On the Auto-Scale, we broke through that line already, but not on the logscale.
The overall sentiment is bullish and I don't get why to be quite honest with you.
Yes, we had a 30% increase in two weeks.
Yes, we are forming higher highs and higher lows short term....
Great evening ladies and gentlemen,
so today we got a pretty unexpected & strong pump.
This pump invalidated my initial idea of retesting 5.800$ this week.
Since then, we had some sort of consolidation, which made us form a bullflag.
Target of the afore mentioned bull flag would be around 8.800$, which would correlate with our previous high/resistance during...
Patience is key.
There's something interesting to notice.
Everytime we're having a BTC bounce towards a LOWER HIGH, people all of a sudden become euphoric & bullish, claiming the bear market is over.
There is no reason to be bullish at all.
Old supports are turned into new resistances.
Right now, BTC is doing nothing but confirming a new resistance around...
The market has ran up this past week after it bounce. Now volume is running dry and it ran into heavy resistance. it also broke the trend line (yellow line) up top. We want to see price CLOSE below the light blue neck line before we enter a short position to fill the gap at 203.85.
