[Bitcoin] next steps (update)
Updated
Here's an update of my previous ideas.
Reminder of bullish factors:
- bullish pattern
- golden cross
- bullish divergences
- end of the big falling wedge (throwback completed)
- historical technical supports (Price, MACD , Disparity Index , RSI )
- blue pill (Hash Ribbons indicator)
- bottom found (Puell Multiple indicator)
- reversal signal (Network Value to Transactions ratio)
Reminder of bullish factors:
- bullish pattern
- golden cross
- bullish divergences
- end of the big falling wedge (throwback completed)
- historical technical supports (Price, MACD , Disparity Index , RSI )
- blue pill (Hash Ribbons indicator)
- bottom found (Puell Multiple indicator)
- reversal signal (Network Value to Transactions ratio)
Comment
Start of bull run: January 2024.Comment
Price is still moving between the key support of 25K and the major pivot zone of 31K. The double bottom on the support clearly announces the continuation of the rise started in January. Be patient as the bullish recovery will take several weeks.Trade active
Trade active
Comment
To anticipate major movements in Bitcoin it is always interesting to look at the behavior of ETHBTC, which is often very bullish when BTC is rising sharply over several weeks. On daily TF, we see that ETHBTC has been underperforming for a year and is moving downward in a falling wedge. The exit from this pattern will surely be upwards due to the bullish pattern, bullish divergences on momentum indicators and the proximity of key support 0.057. The resolution of this configuration is close, on the order of a few weeks, so the probability that BTC will soon start to rise again from the 25K support is reinforced.Comment
3 new factors of a future increase:- the price of mining remains high
- the BTC reserve on Exchangers is very low
- the gap between Grayscale BTC and BTC is narrowing
Trade active
Comment
The upward structure of the price, begun in January, accelerated sharply this week due to a validation of spot Bitcoin ETFs probably at the beginning of 2024. A throwback to the major pivot zone of 31K is expected before continuing the rise:Trade closed: target reached
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