Bitcoin Bear Cycle About To Break & Send Bears To Hibernation?
Updated
BTC rejected at the Bear Cycle .618 fib level back on the 18th of January but just had a nice bounce off the EMA 200 pushing BTC through the MA 200. Just waiting on confirmation of this by having Bitcoin close above this MA 200 level twice on this chart.
Bitcoin also broke the smaller falling wedge in green.
BTC just pierced the .618 fib level at $8970.28 I spoke about in my recent Bear Cycle analysis. If BTC can close above this level, the bears can go to sleep because their cycle of rejection will be over and the bulls will come out to play. Just waiting on confirmation of this by having Bitcoin close above this level twice on this chart.
RSI is also bullish and expect it to hit the red parallel line at around 86-87.
May see a retest of the MA 200 before we move up.
Target is the larger fib retracement level (not shown) at the .618 level at $11026.96 indicated by the yellow rectangular box.
All of this could be invalid if Bitcoin doesn't close above these vital levels and gets rejected at this .618 Bear Cycle fib level yet again.
As I write this, bears are pushing it back under the fib level so let us wait to see what unravels. Will BTC get to 11k or reject to 8k?
Where do you think Bitcoin is heading?
Happy trading legends!
HTBB
Bitcoin also broke the smaller falling wedge in green.
BTC just pierced the .618 fib level at $8970.28 I spoke about in my recent Bear Cycle analysis. If BTC can close above this level, the bears can go to sleep because their cycle of rejection will be over and the bulls will come out to play. Just waiting on confirmation of this by having Bitcoin close above this level twice on this chart.
RSI is also bullish and expect it to hit the red parallel line at around 86-87.
May see a retest of the MA 200 before we move up.
Target is the larger fib retracement level (not shown) at the .618 level at $11026.96 indicated by the yellow rectangular box.
All of this could be invalid if Bitcoin doesn't close above these vital levels and gets rejected at this .618 Bear Cycle fib level yet again.
As I write this, bears are pushing it back under the fib level so let us wait to see what unravels. Will BTC get to 11k or reject to 8k?
Where do you think Bitcoin is heading?
Happy trading legends!
HTBB
Note
Looks like BTC is moving up after a solid candle yesterday. Hit the purple line I showed as resistance in an earlier analysis about a parabolic curve that could come into play. May see a small pullback to test the MA 200 and .618 fib level unless BTC goes parabolic.
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