As they say, when in doubt zoom out!
If you zoom out on the weekly chart of BTC you will see a trend line that has been respected all the way from the start of BTC
There have been times when we have wicked below this trend line such as during the pandemic in March 2020, but it quickly bounced back above the trend line. If BTC were to continue to respect this...
The weekly chart indicates if we break 30k we will come down to around a high of 27k and a low of 20k
Stoch RSI is oversold on weekly, we are touching 200ma and have historically shot up after dipping below it, onchain data shows 20k as a strong support area
and all of the above matches up perfectly with the Plan B stock to flow model (notice the yellow trend...
Previous ATH (resistance) was 20k, as we know previous resistance can turn into support, we can see on this chart onchain data indicates 20k as support
as from a fundamental point of view, prior to the halving BTC equilibrium price was around 9.5k anything above that price was its speculative price, Since the halving causes half the amount of BTC to be mined...
As you can see on the day chart price is squeezing into a up trending range, if we bounce up from this trend line we will explode above 20k, also note that we are in oversold territory on the day RSI and also the 4hr
Combine this with the fact that PayPal, Microstrategy buying at higher prices than these it is very unlikely they will allow prices to drop much further
We were originally going up in a channel which then started to consolidate, we then started forming a new channel which is less parabolic which is good as you can see the STOCH RSI indicator has been in a downtrend and we are very close to oversold territory
We also have the hash ribbon about to flash a buy signal, although we had bitcoin rejected at 10k and we...
BTC has been trading in a channel on the day chart for some time, although it has been rejected a few times while trying to break above 10k, you can also notice that the sellers are getting weaker and the price action has been squeezed into a tight wedge, if you look at the stoch rsi it has been in getting lower and lower and getting into oversold territory while...
We are in a uptrend on the day chart, when using the heikini candles you can clearly see this without the noise, the RSI indicates oversold territory and have started to turn to the upside, when we couple this with all the fundamentals along with the fact that the equilibrium price of bitcoin was 9k even before the halving, it is very probable that we will see a...
We are now testing the 50 fib retracment for second time and are also in a wedge that is getting tighter and price has been respecting the lower trend line
we are also in oversold territory on the day chart and are below the 20ma on bollinger band
if we bounce off this level and stay above 9500 we can expect the next bull move up to 16k
Dont forget that we are in...
