BTC in critical state.. Visualising its outcome..And here we are at the aftermath of 2017..
The sentiment is right. Everything feels like BTC and crypto in general is on its rise again. But the ghosts of 2017 is still hiding in the shadows. I believe that we have had the lows, that I was talking about in my previous idea at around 6.4k.
The sentiment has alot of real value with it this time around. People are anticipating the halving in around 90 something days from now. For good reason cos the logscale narrative is intact. Further more there is the development of taproot/schnoor signature coming up. And the SEC has has a proposal for a 3 years "safe harbour" for crypto. Meaning non constrict regulation for cryptos that within 3 years can prove its development as something useful.
In my opinion there is more to it than meets the eye. And it sparks alot of positivity in the crypto market. Hence the rise for now.
For now BTC might see a pullback to around 9.6. But being short is risky at the moment. We might get a breakout to around 10. The hard part is to stay above 10k cos it is a MAJOR resistance. all the way back from 2017. But if BTC succedes at staying above the 10k line and cosolidating there. This support will become a new MAJOR support. Now if we imagine we get there, the price levels of BTC will now chop around inside the top baseline and bottom baseline of 2017. At this time around the halvening is in and thats when I think the bullrun of 2020-2021 is going to reach new ATH.
Now where we top out, is up to you to find out. Cos at that time everyone and his cousin and the taxidriver has got the Eminem Syndrom "palms are sweaty, knees weak, arms are heavy"..
Now go eat your moms Spaghetti and make a plan..!
P.s When we top out I believe a retrace to 8k and 6k as the bottom floor!
