Kudos to you! You survived a Bull Market dip.
Maybe that was your first one, and you were about to reconsider your whole crypto investments. Or maybe that wasn't your first time watching the market going deep red, and you may have also seized the opportunity to accumulate a bit more. If you didn't, don't worry. You may get a second chance soon.
In the first two weeks of February, Bitcoin has moved slowly but steadily on the upside. The price was developing a rising wedge pattern that generally breaks on the downside. Then, Elon Musk proved that technical analysis isn't meant to predict the future. The price broke above to a new all-time high. Just to retrace immediately after, as a confirmation that, ultimately, looking at the charts provides useful guidance on what is coming next.
The area between $50,000 and $52,000 is turning out to be significant resistance (Box C). We may have guessed so. Before breaking below, bulls strongly defended the support, as the price action on high volume on Feb 22th proved. The longer it takes for Bitcoin to break back above, the higher are the chances that the price will need to refuel around the red box B. It may take a few more weeks to see a final capitulation for bears. Meanwhile, the most likely scenario is to have a price action similar to what unfolded in January.
The good news is that January was a positive month for Altcoins, so there may be plenty of opportunities ahead!
Maybe that was your first one, and you were about to reconsider your whole crypto investments. Or maybe that wasn't your first time watching the market going deep red, and you may have also seized the opportunity to accumulate a bit more. If you didn't, don't worry. You may get a second chance soon.
In the first two weeks of February, Bitcoin has moved slowly but steadily on the upside. The price was developing a rising wedge pattern that generally breaks on the downside. Then, Elon Musk proved that technical analysis isn't meant to predict the future. The price broke above to a new all-time high. Just to retrace immediately after, as a confirmation that, ultimately, looking at the charts provides useful guidance on what is coming next.
The area between $50,000 and $52,000 is turning out to be significant resistance (Box C). We may have guessed so. Before breaking below, bulls strongly defended the support, as the price action on high volume on Feb 22th proved. The longer it takes for Bitcoin to break back above, the higher are the chances that the price will need to refuel around the red box B. It may take a few more weeks to see a final capitulation for bears. Meanwhile, the most likely scenario is to have a price action similar to what unfolded in January.
The good news is that January was a positive month for Altcoins, so there may be plenty of opportunities ahead!