As bitcoin heads for its third monthly close in green, its price action for 2022 remains the same as for the most part of 2021: sideways. Recent bounce off the 20M SMA & 21M EMA-which historically has been an important range for market cycle continuation- gave the bulls a sense of superiority.
If bitcoin successfully manages to close above 48000$ & form a monthly pivot , stars will align for an upward movement to 58k to 60k range. However, if bitcoin closes the month below 48k , party will get delayed & other market factors should be taken into consideration.
If bitcoin successfully manages to close above 48000$ & form a monthly pivot , stars will align for an upward movement to 58k to 60k range. However, if bitcoin closes the month below 48k , party will get delayed & other market factors should be taken into consideration.
Comment:
Monthly candle closed below 48k but our scenario could still play out as the price action & market sentiment slightly favors the bulls. BTC has been rangebounding between 33k & 48k for the third month in a row, forming a monthly base.Weekly close above the base after a trend shift(on lower time frames) at 40.5k to 42.5k range will signal the start of our long-awaited rally.