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#Bitcoin Monthly Chart

After the breakout of the previous all-time high, BTC is currently retesting it.
The most possible scenario for Bitcoin, in my opinion.

What are your views on this chart?

Note

Looking at the three-day time frame and as of right now, the price of bitcoin is technically still within a larger bullish trend on the larger time frame, also known as a mark. As in case you need to all of these, even a bullish market can contain short-term pullbacks here and there in fact this very market that we’ve been in since around the beginning of 2023 has had multiple pullbacks of more than 20% along the way, and so it’s important to understand that nothing moves in a straight line and always going to see some short-term volatility if we’re looking at smaller time frames.

#BTCUSDT

Note

#BitcoinETF are dumping Bitcoin, which contributes to the ongoing pullback in the market. Previously, massive inflows into these ETFs boosted Bitcoin's price, but recently, these inflows have stopped. Over the last 1 to 2 weeks, there has even been a slight net outflow. This shift in ETF activity is one major reason for the current bearish price action.

#Crypto #BitcoinETF

Note

#Bitcoin is following this symmetrical triangle pattern; according to the pattern, 50k is incoming!😱

Note

I've been discussing this chart for a month now.

The weekly candle closed below this important support level of 64500, which is not good. Now, as expected, it is dropping towards the range of 45k to 42k because there isn't much strong support in between.

What are your views on this chart?

#Crypto

Note

yesterday's Bitcoin spot ETF had a total net outflow of $564 million, a record high. Grayscale GBTC had a single-day outflow of $167 million, and BlackRock ETF IBIT had its first net outflow, with $36.93 million. The Fidelity ETF FBTC had the largest single-day net outflow, with a single-day net outflow of $191 million.

Note

Looking at this three-day #Bitcoin chart, we can see that the price of Bitcoin is still currently trading below the 0.236 Fibonacci level, which is sitting right around $60,000. At the next three-day candle close, confirmed in around one day from now, if we see the three-day close is confirmed below $60,000, then obviously, that would not be a good sign on this chart. Basically, if we confirm a break below the 60K level with confirmation as the candle closes below that level on large timeframes, in that case, the next major level of support to the downside would be the 38.2% level, sitting around $51,000 to $52,000. That will be, once again, the major support.

Note

Bitcoin and crypto funding rates across various exchanges are currently highly negative. This negativity in Bitcoin funding rates suggests a bullish sentiment in the market. Essentially, this imbalance between long and short positions means that short positions are paying fees to long positions. As someone in a long position, I'm benefiting from this by receiving passive income from short positions. This situation incentivizes more long positions and encourages existing short positions to close. The resulting buying pressure could potentially trigger a short squeeze if the price rises further in the short term, leading to the liquidation of short positions and driving the price even higher.

#Bitcoin #Crypto

Note

Bitcoin ETF's
Monday, Tuesday, and Wednesday all saw net outflows, with Wednesday's being the largest ever recorded in a single day in the US. Over $563.7 million left Bitcoin that day, causing significant selling pressure and a bearish price effect. This highlights how ETFs can majorly influence Bitcoin's price, depending on inflows and outflows. For instance, a $500 million outflow like Wednesday's can trigger significant price drops.

#BitcoinETF #Bitcoin

Note

The daily Bitcoin RSI is finally attempting a breakout of this massive descending line of resistance, which has been in place since around the beginning of March. For a couple of months now, we've seen this decent amount of resistance in the daily Bitcoin RSI, similar to what we have seen in the past. If we simply look at the last couple of times where we finally saw a breakout in the daily Bitcoin RSI of these major descending lines of resistance, as we can see here in the price action, once the RSI actually broke out above those lines of resistance, we saw a major bullish reversal out of a short-term pullback into a major bullish move over the next couple of months or so. First of all, if we're looking at this first example right here, if we measure out that move from the point of the breakout here in the RSI, that decent amount of resistance from that point, the price of Bitcoin pumped over 80% to the upside over the next four months or so. If we look at the second example from that point of the breakout in the RSI to the next major high in the coin, we pumped for around five weeks, just over one month, and we pumped around 70% to the upside. So once again, we're talking about basically a short-term trend lasting at least 1 to 4 months of a move of around 70 to 80% to the upside. Now, obviously, I'm not saying that we're definitely going to see the exact same thing again. For example, I would not necessarily be expecting precisely a 70 or 80% move from this local low to the next major high, but we can simply look at these previous examples as an idea of what we could potentially expect in the somewhat short term, as in talking about the next one to three months. Also, just for fun, if we measure out a 70 to 80% move in the price of Bitcoin from the local low, right here, a 70% move would take the price of Bitcoin up towards around US$100,000 per Bitcoin and an 80% move would take the price of Bitcoin up around $105,000 per Bitcoin. Now once again, I am not saying that that's definitely going to happen because there's no such thing as a guarantee, but I'm just sharing what has happened previously when we've seen this signal flash, and so that just gives you an idea of potentially what could be coming in the next few months. These signals in the daily Bitcoin RSI are not yet confirmed because the RSI, by default, goes off candle closes, and so we at least need to see if these daily candle closes confirm with the RSI above this line of resistance, even though we have not yet seen the potential confirming breakout in the daily Bitcoin RSI.

Note

In this daily Bitcoin chart we're observing right now, the price is getting extremely close to potentially breaking out of this descent. There's a lot of resistance to this massive falling wedge pattern. First of all, the support line for this fall, which has been supported multiple times for the price, is currently sitting at approximately 58,000. With this descent, there's a lot of resistance sitting at around 63 1/2 to 64,000. Ideally, we need to see at least a solid daily candle close, but ideally a couple of candle closes above 64,000 in order to actually confirm this breakout on the daily timeframe for this massive falling wedge pattern. We can simply look at the top of the wedge, which is sitting at around 72,000, as a major price target to the upside. Once we actually confirm the breakout above this resistance, or if we take a look at the measured move for that breakout to the upside if we see that breakout above that resistance, confirmation also sets up a target at around 74,000, which is very close to the all-time high. So, basically, once we confirm a strong breakout with a candle close on the daily timeframe above 64,000, the next major price targets are simply these local highs at around 72,000 to 74,000.

Stay tuned, I will keep you updated.

Note

The Bitcoin and crypto funding rates are actually surprising me quite a lot right now. Honestly, even while the price of Bitcoin is on the upside in the short term, having a decent bounce back, the funding rate is very, very negative. So, what this tells us is that this is a spot-driven rally.

There is a lot of demand on the spot market buying up Bitcoin, and not many people are trying to lock in the market. There are still a lot of people, in terms of traders, trying to short Bitcoin. So once again, this is making shorting Bitcoin very expensive as the short positions have to pay more and more funding fees to the long positions because the funding rates are negative.

So, once again, as I've already been saying over the last few days, this is yet another ingredient of a potential short squeeze, which could potentially send the price a lot higher to liquidate those short positions.

DYOR, NFA

#Bitcoin #Funding

Note

The Bitcoin liquidation map shows recent activity. The price surged past a significant amount of liquidity, approximately around 62.5 thousand. However, there's still considerable liquidity above the price, ranging from around 64.7 K.

Conversely, there's only a limited amount of liquidity below, approximately at 56.5 thousand. Zooming out to larger time frames on the liquidation chart, we observe even more liquidity above the price compared to below. For instance, major liquidity zones are evident around 67.5 thousand and further liquidity is seen around 71.5 thousand to 72 thousand.

These liquidity zones seem to act as magnets for the price, pulling Bitcoin towards them. Once the price crosses these levels on the chart, billions of dollars of short positions will get liquidated.

DYOR, NFA

#Bitcoin

Note

The daily Bitcoin chart, taking a look at the daily Bitcoin RSI, and over the last one day, we have now officially confirmed the breakout in the daily Bitcoin RSI of this descending line of resistance and so on the daily timeframe.

This is technically a sign of strength for the price of bitcoin, and as we’ve seen previously, when we see a major breakout in the daily bitcoin RSI above a major descending line of resistance, that usually happens at the very beginning of the next major move to the upside over the next couple of months or so, in the price of bitcoin usually also happens after we have already experienced a decent pullback in the price of bitcoin, which is exactly what we just saw, and this is very no price action to see even during a larger bullish trend, and once again, seeing the signal, confirm here.

The daily bitcoin RSI, that’s basically telling us that we are potentially about to begin the next lead to the upside in the bull market.
DYOR, NFA

#Bitcoin #Crypto

Note

The daily #Bitcoin RSI has now confirmed another daily candle close with the RSI above this significant line of resistance.

The MACD is also showing some bullish reversal, as it is crossing in the bullish direction, indicating an increase in bullish momentum.

#Crypto

Note

Looking at the daily #Bitcoin chart, the price is testing a previous resistance line, which could now act as support if it holds.

If this day candle closes with the price above this line, it might confirm an upward breakout.

But if it closes below, it could signal a reversal. We're waiting for confirmation.

Stay tuned and keep an eye on it.

#Crypto

Note

#Bitcoin is retesting a key support line for around 62.8K.
We also have 100SMA, which is working as support.

If it closes below this on a daily chart, it invalidates the bullish breakout, but if it holds above and bounces, confirming support, it strengthens the upside breakout with targets near $72-74K.

Stay tuned I will keep updating.

#Crypto

Note

#Bitcoin LiquidationHeatmap is nearing a significant level of liquidity just below its current value, roughly between $62,300 to $62,500.
I've been talking about this lately. Although it might dip in the short run to tap into this lower liquidity, there's even more liquidity waiting higher up, around $67,300 to $67,600. So, while we might see a temporary drop, there's a good chance it'll bounce back up toward the bigger liquidity pool.

#Crypto #LiquidationHeatmap

Note

#Bitcoin RSI is retesting the resistance!!👀

Note

#Bitcoin breaks down the 100MA support and closes a candle below it.
It may dip towards , but we have a lower trend line as support around 57K.
The bulls need to break the pattern to the upside again.

IMO, it's best to wait for confirmation and better opportunities.

#Crypto

CRYPTOMOJO_TA

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