Bitcoin X-RAY and diagnosis - What's next for the digital gold?
Updated
Trader's have a tendency to over complicate and eventually come to the conclusion of no conclusion at all.
But let's break it down to just a few sentences of simple practicality
*******Support and resistance of connecting weekly lows and highs since Jan 2021 have been consistent and parallels in the shape of a tunnel********
*******What took the market to the all time high of 68,000 was a consolidation from the tunnel floor and breakout above the lower high trend-line July 2021*****
*******Between Feb 2022 - Today we see similar consolidation of price action as well as a breakout above the lower high trend-line stretching down from the all time high of 68,000*****
From a technical perspective, there's very high potential of reversal from the tunnel floor stretching back over a year, with almost identical technicals of July 2021 breakout.
From a fundamental view Bitcoin is the perfect hedge against overwhelming global inflation.
There's no need to dig deeper because currently the fundamentals are all sitting on the foundations of inflation.
In a scenario where the tunnel floor is broken and a week closes below 35,000 - It could mean downside towards the 20,000's - This is much less likely and would be a big surprise.
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Please follow and like - I would greatly appreciate it.
You can also feel free to message me for any questions and I'd love to help!
I'm new to posting ideas and trying to find my combo of artistic and informative charts ,
Would love to hear your output of what you would like to see more of and what you think about the design
Thank you ^___^
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But let's break it down to just a few sentences of simple practicality
*******Support and resistance of connecting weekly lows and highs since Jan 2021 have been consistent and parallels in the shape of a tunnel********
*******What took the market to the all time high of 68,000 was a consolidation from the tunnel floor and breakout above the lower high trend-line July 2021*****
*******Between Feb 2022 - Today we see similar consolidation of price action as well as a breakout above the lower high trend-line stretching down from the all time high of 68,000*****
From a technical perspective, there's very high potential of reversal from the tunnel floor stretching back over a year, with almost identical technicals of July 2021 breakout.
From a fundamental view Bitcoin is the perfect hedge against overwhelming global inflation.
There's no need to dig deeper because currently the fundamentals are all sitting on the foundations of inflation.
In a scenario where the tunnel floor is broken and a week closes below 35,000 - It could mean downside towards the 20,000's - This is much less likely and would be a big surprise.
--------------------------------------------------
Please follow and like - I would greatly appreciate it.
You can also feel free to message me for any questions and I'd love to help!
I'm new to posting ideas and trying to find my combo of artistic and informative charts ,
Would love to hear your output of what you would like to see more of and what you think about the design
Thank you ^___^
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Trade active
We are above the 35,000-39,500 support zone back to the 40k's!41,500 and 42,800 are important levels to break on the way higher
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