Tis the season and it appears Bitcoin knows it’s the season of giving.
2023 has been one for the books. We’re currently up 138% year to date. That alone is worth celebrating. The crypto market this year has endured more negativity, more fud and fraudulent individuals/entities in 2023 then the past 5+ years combined. But yet we are here, we are strong and we are committed to greatness!
Enough of that, let’s take a look at some simple technical analysis on the weekly time frame of our beloved Bitcoin.
-First of all the red box of resistance(acts as both resistance and support) is currently coming into play for the first time since early/mid 2022. Once the red box of resistance is retested we will quickly find out if we will get a sharp/sudden rejection. Which a rejection would take us down to the lower white trend line around $35,000. If that trend line doesn’t hold then it would look like the .236 fib level in yellow at $28,000 would be the next level of support.
If we retest the red box of resistance and tons of buy pressure comes into Bitcoin then we would be eyeing the over head trend lines which is at $42,000 and $45,000. More likely though if we break to the upside I’d fully expect the yellow .618 fib level at $48,000 to be met very quickly.
-Second, as I stated earlier Bitcoin is up 138% year to date. In my opinion we’re in a bull market. Many people would disagree with that statement but over 100% gains within one years time is a very impressive achievement.
-Lastly, we’ve stayed within the swing high and swing low of the current yellow Fibonacci. Such beautiful movement on Bitcoin the past few years. Here’s to higher highs and higher lows.
Now all that’s left to do is sit back, relax and let Bitcoin do what it does. Welcome to the bull market everyone. Exciting times ahead and I promise you Bitcoin will prevail.
2023 has been one for the books. We’re currently up 138% year to date. That alone is worth celebrating. The crypto market this year has endured more negativity, more fud and fraudulent individuals/entities in 2023 then the past 5+ years combined. But yet we are here, we are strong and we are committed to greatness!
Enough of that, let’s take a look at some simple technical analysis on the weekly time frame of our beloved Bitcoin.
-First of all the red box of resistance(acts as both resistance and support) is currently coming into play for the first time since early/mid 2022. Once the red box of resistance is retested we will quickly find out if we will get a sharp/sudden rejection. Which a rejection would take us down to the lower white trend line around $35,000. If that trend line doesn’t hold then it would look like the .236 fib level in yellow at $28,000 would be the next level of support.
If we retest the red box of resistance and tons of buy pressure comes into Bitcoin then we would be eyeing the over head trend lines which is at $42,000 and $45,000. More likely though if we break to the upside I’d fully expect the yellow .618 fib level at $48,000 to be met very quickly.
-Second, as I stated earlier Bitcoin is up 138% year to date. In my opinion we’re in a bull market. Many people would disagree with that statement but over 100% gains within one years time is a very impressive achievement.
-Lastly, we’ve stayed within the swing high and swing low of the current yellow Fibonacci. Such beautiful movement on Bitcoin the past few years. Here’s to higher highs and higher lows.
Now all that’s left to do is sit back, relax and let Bitcoin do what it does. Welcome to the bull market everyone. Exciting times ahead and I promise you Bitcoin will prevail.