BTC/USD - UPDATE
Following this structure since originally shared on 10/18/21 has been beautiful and truly has been a testament to how powerful a purely technical perspective can be. Fundamental analysis has its place and I find those, who can perform fundamental analysis accurately, admirable - so by no means do I discredit it. But if I could give only one piece of advice when it comes to trading, for anyone who is struggling, hone in your ability to perform technical analysis. Keep fundamentals in your tool set, but if you sharpen your technical side and just ignore all the noise out there, things will work out for you.
Now looking at Bitcoin, our targets have been reached and the market has shown its reaction. However, based on time analysis, Bitcoin is not structurally congruent. Which opens the door for one final, fairly substantial, leg to the downside in order to complete its structure. But if the bulls are ready to roll again, momentum needs to remain in their control - Bitcoin needs to hold this range sideways in price in order to hold support above the fast Moving Average in Bullish Control.
Bitcoin is at a very important juncture right now and is primed to finish the final leg of this bullish cycle. But I'll be watching closely here because the next few days will be critical for determining which way this trend will go. If you've been following this idea, you knew where and when to buy. If we see another leg lower, you know what to do again.
Now looking at Bitcoin, our targets have been reached and the market has shown its reaction. However, based on time analysis, Bitcoin is not structurally congruent. Which opens the door for one final, fairly substantial, leg to the downside in order to complete its structure. But if the bulls are ready to roll again, momentum needs to remain in their control - Bitcoin needs to hold this range sideways in price in order to hold support above the fast Moving Average in Bullish Control.
Bitcoin is at a very important juncture right now and is primed to finish the final leg of this bullish cycle. But I'll be watching closely here because the next few days will be critical for determining which way this trend will go. If you've been following this idea, you knew where and when to buy. If we see another leg lower, you know what to do again.
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