We have two drops on this chart. The one of the left is more extended and long lasting compared to the one on the right. When a move is sudden with major force, it tends to end suddenly as well.
The recent drop was very steep and the force needed to keep pushing prices lower cannot be maintained, it requires too much energy; for this reason, a higher low is in place and the bulls win the game.
The action is happening above the blue line and space on the chart, this is the 0.618 Fib. retracement support. This is the most important level and so far it holds. Prices went below just to recover. Can be called a failed signal or a bear-trap, whichever you choose, the action is bullish above this level and bearish below.
Bitcoin's main support stands around $102,663, this level was not challenged. Since bears failed to push prices lower, the next logical move is a challenge of higher resistance. And the same pattern repeats, up and down, up and down... This is the short-term noise. When all is set and done, Bitcoin will resolve going up.
Patience is key.
Thank you for reading.
Thanks a lot for your continued support.
Namaste.
The recent drop was very steep and the force needed to keep pushing prices lower cannot be maintained, it requires too much energy; for this reason, a higher low is in place and the bulls win the game.
The action is happening above the blue line and space on the chart, this is the 0.618 Fib. retracement support. This is the most important level and so far it holds. Prices went below just to recover. Can be called a failed signal or a bear-trap, whichever you choose, the action is bullish above this level and bearish below.
Bitcoin's main support stands around $102,663, this level was not challenged. Since bears failed to push prices lower, the next logical move is a challenge of higher resistance. And the same pattern repeats, up and down, up and down... This is the short-term noise. When all is set and done, Bitcoin will resolve going up.
Patience is key.
Thank you for reading.
Thanks a lot for your continued support.
Namaste.
Trade active
Bitcoin's bullish bias is now fully confirmed based on a positive correlation with Coinbase. These two tend to move in the same direction when to comes to the broader market cycle and trend.Coinbase (COIN) is breaking up today with massive force, huge bullish momentum and this reveals Bitcoin and Ethereum will follow suit.
You can see more below:
This is the signal. To me it is now fully confirmed.
It shouldn't take too long for this signal to be reflected in the price of Bitcoin and the altcoins.
We are going up.
Namaste.
Trade closed: target reached
Neutral action means no crash. No crash means bullish.Anything other than very strong bearish pressure, bearish momentum and bearish action is a strong bullish signal. Bitcoin continues to consolidation above $100,000.
Bitcoin has been strong above 100K since 8-May, 42 days. After this date, 100K has only been tested once with a fast recovery right after. There was a very strong reaction as soon as prices reached 100K which means that buyers are present and ready at this level.
Bitcoin already traded above 100K in December 2024, in January & February 2025 and now May and June. This is all bullish.
A strong accumulation zone at a high price, near resistance, is being built as the base that will propelled Bitcoin's next forward move. The bullish bias is already confirmed based on marketwide action and an improving regulatory environment.
The long-term bullish bias for Bitcoin and the Cryptocurrency market remains intact and continues to improve with each passing day.
Namaste.
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Related publications
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.