is Bitcoin back? potentially.
zooming out we can see that there is a confluence of the 21 monthly moving average, as well as a key monthly s/r level at 31500.
with the full force of the blackrock news + all following bullish announcements from, citadel, fidelity, the fed etc i think theres a high chance we break through the 31500 level. before we the 3ac/ftx crashes, price was last trading at about 32k, giving a range high there. our range low is now around 16k.
so the saying being, short resistance and long support, then i would wait for a clean break through the monthly 21 ma. this should give power to also break the range highs and give us a great entry towards 45500 very solid resistance area.
provided we are somehow don't break through the range high, then a long term move could definitely take us towards the range lows, however, we've had some of the most bullish news, ever for Bitcoin. so im not going to one to fade it.
zooming out we can see that there is a confluence of the 21 monthly moving average, as well as a key monthly s/r level at 31500.
with the full force of the blackrock news + all following bullish announcements from, citadel, fidelity, the fed etc i think theres a high chance we break through the 31500 level. before we the 3ac/ftx crashes, price was last trading at about 32k, giving a range high there. our range low is now around 16k.
so the saying being, short resistance and long support, then i would wait for a clean break through the monthly 21 ma. this should give power to also break the range highs and give us a great entry towards 45500 very solid resistance area.
provided we are somehow don't break through the range high, then a long term move could definitely take us towards the range lows, however, we've had some of the most bullish news, ever for Bitcoin. so im not going to one to fade it.
Comment:
Comment:
currently locked into marked zone, will need a strong push if its going to make it through. again this is a huge s/r level, coupled with 21 monthly moving average. IMO this is where to decide if we are entering bull market, or if this is just one big bear market rally. With institutional investment rolling in, i think the former.
Comment:
So far this is tracking along nicely. The Monthly has opened above the 21 moving average. Not confident in longs yet, as we are at a crucial resistance area. however with clean break/reclaim of 21500 i will look to add positions for the road to 45k
Comment:
Boom. this is what ive been waiting for, a solid break. Will confirm it with a 4 hour retest, then start entering longs.