Bitcoin - Is the Party Over or Has It Not Even Begun Yet?
Updated
What has been going on with Bitcoin lately? Is it ready to breakout to new all-time highs or is it actually starting to form a top?
The arc illustrated in the chart is a common topping pattern, so if you are a Bitcoin bull (which I am), you don't want it to keep staying within that arc. You would want to see a break upwards out of that arc for confirmation that this bull market cycle is not complete yet. As for downside risk, Bitcoin needs to hold the first green support line around 49K. Below that, the *must hold* support line is the thick, green rising support line currently around 30K.
Let me be clear on this - I do not think that we are at the top, BUT it's interesting that a topping arc pattern has started forming, so it's at least worth watching.
BTCUSD really needs to join the party soon. I fully expect it to.
The featured content is intended to be used for informational purposes only. Everything shared here is my own opinion. It is very important to do your own analysis before making any investment based on your own personal circumstances. Please subscribe to our channel if you like what you are seeing!
The arc illustrated in the chart is a common topping pattern, so if you are a Bitcoin bull (which I am), you don't want it to keep staying within that arc. You would want to see a break upwards out of that arc for confirmation that this bull market cycle is not complete yet. As for downside risk, Bitcoin needs to hold the first green support line around 49K. Below that, the *must hold* support line is the thick, green rising support line currently around 30K.
Let me be clear on this - I do not think that we are at the top, BUT it's interesting that a topping arc pattern has started forming, so it's at least worth watching.
BTCUSD really needs to join the party soon. I fully expect it to.The featured content is intended to be used for informational purposes only. Everything shared here is my own opinion. It is very important to do your own analysis before making any investment based on your own personal circumstances. Please subscribe to our channel if you like what you are seeing!
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The arc has still held. Bitcoin hasn't broken down or up out of it yet. Waiting for further clarity!
The featured content is intended to be used for informational purposes only. Everything shared here is my own opinion. It is very important to do your own analysis before making any investment based on your own personal circumstances.
Good luck!
Good luck!
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