Hey traders,
Bitcoin for the past 2 months has been stagnant and consistently creating higher lows since printing the local high at $64,581 back in the middle of April. Now for the first time since, we are seeing higher lows being printed as well as a full reversal in the sentiment & candles back to the upside. The greed index is coming back where people are becoming more greedy than scared in the markets, indicating that the bulls are back to play.
These 2 months of selling off was definitely necessary in the markets as everybody and their mom was buying into Bitcoin and cryptocurrencies, deserving of a correction.
From here, i'm expecting Bitcoin to continue rising towards higher highs going into the end of the year and this is the start of the wave 2 cycle going back upwards. This week we've printed just about 11 straight days of green, which we haven't seen in a very long time (correct me if i'm wrong but we haven't seen that in the previous wave 1 cycle up).
Bitcoin is knocking out all the levels of resistance and backtesting them so it can properly move up.
In addition to breaking the 1.618 Fib level and garnering it as a support, BTC regained this upwards channel created during Thanksgiving 2020 when the wave 1 cycle was just beginning (BTC surpassing previous ATH prices).
If bitcoin doesn't continue moving up from here, i'm expecting some consolidation around the $40,707 - $41,337 level as well as a backtest of this downtrend before moving up towards higher highs.
The next major level of support that Bitcoin is going to try and regain is the trend line formed from Feb - March. This trend was broken with ease when Bitcoin was free falling from 60k all the way down to 33k where it wicked off the support level.
I am very confident that we've seen the bottom of the market cycle for wave 1 and if we were going to come back down and hit 20k (previous ATH) that would've hit by now. We are entering a zone of price discovery again (above the 1.618 Fib level) and are going to continue climbing upwards until we reach the top of this Fib Extension @ $77k.
Check out my linked ideas on Bitcoin that I made earlier this month if you'd like to see another perspective and read. Thank you all !!
As always please do your own research, I am not a financial advisor.
Bitcoin for the past 2 months has been stagnant and consistently creating higher lows since printing the local high at $64,581 back in the middle of April. Now for the first time since, we are seeing higher lows being printed as well as a full reversal in the sentiment & candles back to the upside. The greed index is coming back where people are becoming more greedy than scared in the markets, indicating that the bulls are back to play.
These 2 months of selling off was definitely necessary in the markets as everybody and their mom was buying into Bitcoin and cryptocurrencies, deserving of a correction.
From here, i'm expecting Bitcoin to continue rising towards higher highs going into the end of the year and this is the start of the wave 2 cycle going back upwards. This week we've printed just about 11 straight days of green, which we haven't seen in a very long time (correct me if i'm wrong but we haven't seen that in the previous wave 1 cycle up).
Bitcoin is knocking out all the levels of resistance and backtesting them so it can properly move up.
In addition to breaking the 1.618 Fib level and garnering it as a support, BTC regained this upwards channel created during Thanksgiving 2020 when the wave 1 cycle was just beginning (BTC surpassing previous ATH prices).
If bitcoin doesn't continue moving up from here, i'm expecting some consolidation around the $40,707 - $41,337 level as well as a backtest of this downtrend before moving up towards higher highs.
The next major level of support that Bitcoin is going to try and regain is the trend line formed from Feb - March. This trend was broken with ease when Bitcoin was free falling from 60k all the way down to 33k where it wicked off the support level.
I am very confident that we've seen the bottom of the market cycle for wave 1 and if we were going to come back down and hit 20k (previous ATH) that would've hit by now. We are entering a zone of price discovery again (above the 1.618 Fib level) and are going to continue climbing upwards until we reach the top of this Fib Extension @ $77k.
Check out my linked ideas on Bitcoin that I made earlier this month if you'd like to see another perspective and read. Thank you all !!
As always please do your own research, I am not a financial advisor.
