With only 18 hours remaining until the monthly candle closes, the consolidation phase for this leg of the run appears to be ending. Despite repeated attempts by the bears to defend the 70k level, the bulls still have plenty of gas left in the tank. The RSI is healthy and does not yet indicate a peak level of mania.
Traders who rely on the monthly chart for their trading decisions are likely to start placing trades tomorrow, so an increase in volatility is expected.
The critical level was the 59k to 60k range, where the bulls successfully transformed what was once a supply zone into a demand zone.
The macro outlook seems overwhelmingly bullish. The fundamentals of this sector are setting the stage for a very bullish upcoming month, with factors such as:
- The Bitcoin halving
- Increased interest from Blackrock and other institutions in purchasing Bitcoin.
In summary: Up Only!
Traders who rely on the monthly chart for their trading decisions are likely to start placing trades tomorrow, so an increase in volatility is expected.
The critical level was the 59k to 60k range, where the bulls successfully transformed what was once a supply zone into a demand zone.
The macro outlook seems overwhelmingly bullish. The fundamentals of this sector are setting the stage for a very bullish upcoming month, with factors such as:
- The Bitcoin halving
- Increased interest from Blackrock and other institutions in purchasing Bitcoin.
In summary: Up Only!