OK. Let's try this again... for a second time.
Look at the blue sloping line. It used to be support back on Nov 10th to 12th. BTC then fell below the blue line, which has been resistance since then.
Yesterday, BTC tried so hard to punch through this blue line, and made it through for a couple of hours (orange circle). It then fell back a little.
But here's the encouraging thing... it didn't fall back very far, stopping at $56k, which has been strong support for two weeks (pink line).
It is now right back up to the blue line (purple circle) and should break across it soon. When it does, it won't look back.
Also, the US Federal Reserve is about to adjust its inflation targets, which is going to boost BTC hugely.
Until now, the Fed's inflation target has been 2% per year. That means they would start raising interest rates when inflation is "persistently above 2% per year".
But now.... the Fed is expected to raise its inflation target to 3% per year, which will probably be announced over the next few weeks, or in the new year.
This means the Fed will hold-off raising rates until inflation runs persistently above 3% per year. And that means the US dollar is going to continue falling in value, and possibly even speed-up its erosion.
US dollar erosion inflates BTC like pumping helium into a balloon! This should lift BTC for SEVERAL YEARS!!!
Look at the blue sloping line. It used to be support back on Nov 10th to 12th. BTC then fell below the blue line, which has been resistance since then.
Yesterday, BTC tried so hard to punch through this blue line, and made it through for a couple of hours (orange circle). It then fell back a little.
But here's the encouraging thing... it didn't fall back very far, stopping at $56k, which has been strong support for two weeks (pink line).
It is now right back up to the blue line (purple circle) and should break across it soon. When it does, it won't look back.
Also, the US Federal Reserve is about to adjust its inflation targets, which is going to boost BTC hugely.
Until now, the Fed's inflation target has been 2% per year. That means they would start raising interest rates when inflation is "persistently above 2% per year".
But now.... the Fed is expected to raise its inflation target to 3% per year, which will probably be announced over the next few weeks, or in the new year.
This means the Fed will hold-off raising rates until inflation runs persistently above 3% per year. And that means the US dollar is going to continue falling in value, and possibly even speed-up its erosion.
US dollar erosion inflates BTC like pumping helium into a balloon! This should lift BTC for SEVERAL YEARS!!!