BTC is still holding the 25k range. With another weekly close above 25k Stochastic momentum will be aligned at extreme lows across multiple time frames from Daily up to Weekly.
This to me provides the potential for a major bullish impulsive move. BBWP which measures volatility is still at lows on the weekly waiting to expand.
There is still the possibility of a quick move down here from BTC to 23.5 to 24.5 area and i would be looking for a strong bounce from that area to confirm it as a potential swing point closing back above 25k on the weekly.
Any weekly closure below 23.5k brings the major retracement zones into play, however, it does appear to be early in the general cycle of BTC but doesn't mean its not possible.
32k which is a signficant level which held in the bull market back in July 21 and Jan 22 was ultimately broken in May 22 and backtested as resistance leading into the major portion of the bear market. This has now been challenged twice as a resistance area in the current bull trend since January. I do think that the next attempt is likely to break it and this will be with a significant push through it similar to the breakdown in May 22. That will be the final nail in the coffin imo regarding whether this is a retracement or a new bull cycle.
Similarly 25k was a significant areas to break through out of the bottoming range and this has now also been tested twice, in fact the second test is still in progress potentially. These are why these two price points are so significant as they dictate what kind of market is in play. Wicks below this range are find but i favour that for the bull market to continue this area is key to hold and 32k must be broken first to confirm the bullish macro trend is valid. Until one of these breaks there is indecision in the market between bulls and bears neither ready to give up their positions.
This to me provides the potential for a major bullish impulsive move. BBWP which measures volatility is still at lows on the weekly waiting to expand.
There is still the possibility of a quick move down here from BTC to 23.5 to 24.5 area and i would be looking for a strong bounce from that area to confirm it as a potential swing point closing back above 25k on the weekly.
Any weekly closure below 23.5k brings the major retracement zones into play, however, it does appear to be early in the general cycle of BTC but doesn't mean its not possible.
32k which is a signficant level which held in the bull market back in July 21 and Jan 22 was ultimately broken in May 22 and backtested as resistance leading into the major portion of the bear market. This has now been challenged twice as a resistance area in the current bull trend since January. I do think that the next attempt is likely to break it and this will be with a significant push through it similar to the breakdown in May 22. That will be the final nail in the coffin imo regarding whether this is a retracement or a new bull cycle.
Similarly 25k was a significant areas to break through out of the bottoming range and this has now also been tested twice, in fact the second test is still in progress potentially. These are why these two price points are so significant as they dictate what kind of market is in play. Wicks below this range are find but i favour that for the bull market to continue this area is key to hold and 32k must be broken first to confirm the bullish macro trend is valid. Until one of these breaks there is indecision in the market between bulls and bears neither ready to give up their positions.