BTC has has hit the area of long term support from way back as far 2019.
Is this a retest of the break thru of the trend line below, only to continue on its almost 5 month old down trend?
Will it break thru & follow the trend line as support to go for new all time highs?
Also the area we are currently at is a major support & resistance zone for the last 12 months, as per the red arrows on my chart.
Institutions are buying & hodling lge amounts of BTC & other cryptos.
When you take a lot of selling pressure of the exchanges it means price can rise a lot more easy with fomo.
Also this can mean that a bottom of a bear cycle can not drop as previous ones, "Unless institution's take profits".
Things to consider are the current stocks selling & nerves ATM.
Economic conditions in the USA.
A possible Russia / Ukraine war that could drag the USA & rest of the world into.
This bull run has over extended with time as per other bull cycles.
Are we in a bear cycle until next halving aprox March 2024.
Is this a retest of the break thru of the trend line below, only to continue on its almost 5 month old down trend?
Will it break thru & follow the trend line as support to go for new all time highs?
Also the area we are currently at is a major support & resistance zone for the last 12 months, as per the red arrows on my chart.
Institutions are buying & hodling lge amounts of BTC & other cryptos.
When you take a lot of selling pressure of the exchanges it means price can rise a lot more easy with fomo.
Also this can mean that a bottom of a bear cycle can not drop as previous ones, "Unless institution's take profits".
Things to consider are the current stocks selling & nerves ATM.
Economic conditions in the USA.
A possible Russia / Ukraine war that could drag the USA & rest of the world into.
This bull run has over extended with time as per other bull cycles.
Are we in a bear cycle until next halving aprox March 2024.