Bitcoin as expected, is in a consolidation dump, expecting it to tag the pink line at 53k which should spark the next wave upwards, some folks calling this the cycle peak, but thats irrational fear IMO, because this is not a 'top' market structure. A jaw-dropping blowout top is missing. It will come.
Bitcoin continues to consolidate on the 4hr it's a massive coil that will support the next wave upwards. The pink line may mark the bottom of this dump.
Which would be a good place to enter a low leverage long, if not earlier
& with the price hitting the upper band on the 4hr, the road to $100k opens up for bitcoin, the dump is over. Now the price will stay entangled with the 4hr upper band like a serpent & will avoid the lower band completely till next correction. Altcoins looking good too.
Bitcoin is consolidating further, bouncing between the 4hr bands, since it broke the RSI midline, expecting it to hit oversold before continuation upwards, therefore we can still make a lower low & build a divergence, which could initiate a strong reversal. Entering a long when price crosses over the blue 4hr scalpel line after RSI hits oversold + divergence could...
Bitcoin had a 25% correction from the local top. Bullish Divergence has built up on 4hr. BTC may chose not to go into a long consolidation here because we did that not too long ago between 30k & 40k so we could possibly leave the 50k zone in a hurry this time. PS : We are in "bitcoin is mainstreaming" bull run
Bitcoin recently witnessed a sharp rejection from 38k that had everyone worried, but we did not continue to dump hysterically, rather as sign of strength we have slowly grinded back up & reclaimed the rejection spot. Here on expecting some sideways fluctuation leading to breakout towards 60k
Bitcoin's future seems to have already unfolded on the Gold chart. A strikingly similar bullish structure & sentiment & with all the new money flowing into bitcoin & all the big players endorsing/adopting crypto, its only logical.