Bitcoin has been consolidating above the break-out of a massive reverse head and shoulder pattern for numerous weeks as seen on the weekly chart, it is a healthy and normal move for the price to retrace and retest the neckline and find support, coupled with the fair value gaps, Stochastic RSI reset in oversold and a Wyckoff re-accumulation Pattern playing out very nicely on the daily suggests from a technical perspective that BTC is likely to bounce and continue to rally from here - aka the "Spring", this is also an opportunity created by the market makers to shakeout loose hands and for SmartMoney and whales to buy in at heavily marked down prices before the market starts to rally. Of course, there is always a risk to the downside in the short term so manage it wisely, I'm personally a macro trader so longterm bets are bullish, a retracement such as this could be a wonderful opportunity to get some heavily discounted BTC as well as some blue chips! Happy Trading!
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.