Bitcoin is currently at a very critical moment testing Bullish control on the Daily chart. At the moment, Bullish momentum is weak - creating a Bearish Divergence. In order for the Bulls to take the wheel, they need to push this into overbought conditions - creating a buyers market.
Contrary to popular belief, in overbought conditions, the price needs to go up in order for sellers to step in. Thus creating the next leg up and facilitating a breakout in an impulsive structure to the upside.
As it stands, the structure has still maintained within our previous time analysis - which was spot on to the exact day. Until Bitcoin breaks $59,069 and buyers take back control of momentum, Bitcoin remains inside a corrective structure. If control is maintained on the bearish side of the market, targets lie in the $33k - $25k region. However, it should be noted that Bitcoin has an affinity for the 0.618 extension within corrective structures - making $33k the more likely price point for a reversal.
On the macro side, we are still very much in a Bull market. This consolidation and potentially discounted prices is the time to accumulate before the next leg higher toward the primary macro target of $100k+. Bitcoin is eating up time...Take advantage of it.
Contrary to popular belief, in overbought conditions, the price needs to go up in order for sellers to step in. Thus creating the next leg up and facilitating a breakout in an impulsive structure to the upside.
As it stands, the structure has still maintained within our previous time analysis - which was spot on to the exact day. Until Bitcoin breaks $59,069 and buyers take back control of momentum, Bitcoin remains inside a corrective structure. If control is maintained on the bearish side of the market, targets lie in the $33k - $25k region. However, it should be noted that Bitcoin has an affinity for the 0.618 extension within corrective structures - making $33k the more likely price point for a reversal.
On the macro side, we are still very much in a Bull market. This consolidation and potentially discounted prices is the time to accumulate before the next leg higher toward the primary macro target of $100k+. Bitcoin is eating up time...Take advantage of it.
