After several weeks of out-performing rally, the market is taking a rest. Within this consolidation, we have witnessed a price range between 26k - 29k with some profit-taking at 29k and mild accumulation around 26k. Amidst complaint against Binance and CEO CZ by CFTC, Chinese Yuan prevailed by the BRICS or uncertainty within global financial status, Bitcoin investors appear to be un-fazed.
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WHERE ARE WE AT?
Bitcoin has been hovering around 26k - 29k mark, which is just below the critical Cycle Baseline of 30k - 33k. Some people called 25k retest or even 20k retest. Probable!!! But the shorters got wrecked in the last 2 weeks, dreaming about such a deeper retest.
An impressive rally from 15.4k to 29k has marked a NEW SUPER CYCLE, which is also Wave 1 of this new super trend. We are currently in Wave 2 with 15 days++ of consolidation around 26k - 29k zone.
MID-TERM FORMATION - INVERSE HEAD & SHOULDER
Bitcoin has finished inverse H&S formation.
WHAT TO EXPECT?
Deep dive into this consolidation, we can see that within the last 7 days or so, the support zone has gradually incremented from 26k to 27.5k. Still a resistance at around 29k - 29.5k (just below our Cycle Baseline), the fact that price floor elevated is a positive signal. As price action gets squeezed more and more within a tight range, an "explosion" could happen ... just around the corner.
Hopefully, this time ... will be a bullish explosion.
________________________________________________________________________________________________________________________________________________________________
WHERE ARE WE AT?
Bitcoin has been hovering around 26k - 29k mark, which is just below the critical Cycle Baseline of 30k - 33k. Some people called 25k retest or even 20k retest. Probable!!! But the shorters got wrecked in the last 2 weeks, dreaming about such a deeper retest.
An impressive rally from 15.4k to 29k has marked a NEW SUPER CYCLE, which is also Wave 1 of this new super trend. We are currently in Wave 2 with 15 days++ of consolidation around 26k - 29k zone.
MID-TERM FORMATION - INVERSE HEAD & SHOULDER
Bitcoin has finished inverse H&S formation.
WHAT TO EXPECT?
Deep dive into this consolidation, we can see that within the last 7 days or so, the support zone has gradually incremented from 26k to 27.5k. Still a resistance at around 29k - 29.5k (just below our Cycle Baseline), the fact that price floor elevated is a positive signal. As price action gets squeezed more and more within a tight range, an "explosion" could happen ... just around the corner.
Hopefully, this time ... will be a bullish explosion.
