Bitcoin Update: Following the late January breakout, Bitcoin returned this week to retest the November 2021 diagonal resistance flipped support (bullish). It is holding (for now) - but watch it closely going into the weekly close tonight.
Note that even if we respect the Nov 2021 support, price may continue riding the diagonal down to retest $20k psychological level.
Bull Hopium: if the horizontal support at ~23% fib retracement is respected on the weekly (between $21.5k and $21.7k) - 23% retracement is quite bullish and indicates an increasing appetite for Bitcoin in this range.
Honest Take: Outside of the elusive "melt-up" scenario for markets, I don't see 2023 as a year for the bull market to return.
We likely see a sideways accumulation range with occasional swings up and down, perhaps as high as $40k, and with $20k being the key level to defend below.
Supports (in my earlier chart): last week shared the three support levels I'm watching (green boxes). These correlate to high value ranges and fib retracement levels. Obviously the higher the support the more bullish we are.
Note that even if we respect the Nov 2021 support, price may continue riding the diagonal down to retest $20k psychological level.
Bull Hopium: if the horizontal support at ~23% fib retracement is respected on the weekly (between $21.5k and $21.7k) - 23% retracement is quite bullish and indicates an increasing appetite for Bitcoin in this range.
Honest Take: Outside of the elusive "melt-up" scenario for markets, I don't see 2023 as a year for the bull market to return.
We likely see a sideways accumulation range with occasional swings up and down, perhaps as high as $40k, and with $20k being the key level to defend below.
Supports (in my earlier chart): last week shared the three support levels I'm watching (green boxes). These correlate to high value ranges and fib retracement levels. Obviously the higher the support the more bullish we are.
