POSSIBLE BTC PLAY TO BE AWARE OF🚨
Bitcoin is currently inside a channel trading between ~44k - ~47k. As you can see on the chart the 44k level has been strong resistance and now that we have broken it, a healthy move would be a slight pullback and retest of that area. If we can turn that past resistance into support it would be better for BTC in the long term rather than a continued pump which can lead to a harsher pullback later down the road.
If we can succeed and bounce off 44k an increase up to new 2 year ATHs can be expected finally reaching that 50k level which is a huge psychological level.
Another way this may playout is BTC holds this 47k level and continues to bust up. This market has been resilient and eats up every small pull back. A common saying comes to mind "Don't trade against the trend." We are at the start of a bull market if we haven't already been in one for months.
This is not a SHORT suggestions which would be foolish considering the trend and ongoing macros lining up for a very green year.
If we can succeed and bounce off 44k an increase up to new 2 year ATHs can be expected finally reaching that 50k level which is a huge psychological level.
Another way this may playout is BTC holds this 47k level and continues to bust up. This market has been resilient and eats up every small pull back. A common saying comes to mind "Don't trade against the trend." We are at the start of a bull market if we haven't already been in one for months.
This is not a SHORT suggestions which would be foolish considering the trend and ongoing macros lining up for a very green year.
Comment:
Looks like option #2 is starting to play out, not only did $47,000 hold in the short term but price broke up to $48,000.
Comment:
Once again this market showed its resilience and broke to the upside without having to retest past support. I do think a retest would be healthy but the institutional inflows just gobble up any dips so quickly. Very bullish in the mid to long term. Short term we may see some more volatility.
