BTC/USD - MAJOR decision approaching. Breakout or Fakeout? 🤔
As you can see BTC's price is consolidating in this very tight range between 22.6k (resistance) and 21.6k (support).
The resistance is formed by the 200 week moving average that is represented by the dotted blue line and the support by the top of this ascending triangle in blue as well.
A successful breakout by BTC above 23k would turn the market extremely bullish. This is because in all BTC's history a break above the 200 Week MA is where the market returned to its bullish trend...
Can BTC do it? If we look at altcoins like ETH that has been pumping by over 50% in the past few days... the answer is... YES.
The market wants higher prices, the buyers have returned and the anticipation is killing us... :P
Bitcoin is the only thing left to pump before we turn FOMO to stratospheric levels.
Once that happens, you better be cautious because all those buyers will turn into sellers... hahaha...
Got to be careful. For now my bias is bullish even if BTC needs to break above this formation first.
Decision time approaches, stay tuned!
Like and follow if you liked my idea!
The resistance is formed by the 200 week moving average that is represented by the dotted blue line and the support by the top of this ascending triangle in blue as well.
A successful breakout by BTC above 23k would turn the market extremely bullish. This is because in all BTC's history a break above the 200 Week MA is where the market returned to its bullish trend...
Can BTC do it? If we look at altcoins like ETH that has been pumping by over 50% in the past few days... the answer is... YES.
The market wants higher prices, the buyers have returned and the anticipation is killing us... :P
Bitcoin is the only thing left to pump before we turn FOMO to stratospheric levels.
Once that happens, you better be cautious because all those buyers will turn into sellers... hahaha...
Got to be careful. For now my bias is bullish even if BTC needs to break above this formation first.
Decision time approaches, stay tuned!
Like and follow if you liked my idea!
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