As Much As I Hate To Say It...Bitcoin is starting to look bullish on the weekly/monthly timeframe. Price had a strong monthly close above the 9 month EMA and the 50, which I've mentioned needed to hold for any bullish continuation. This is despite the SEC crackdown. I find it quite suspicious that Blackrock and others filed for Bitcoin ETF's shortly after that. Another example of why things still don't sit right with me. Price is now holding above the 200 week MA despite venturing below it. Now, price is consolidating above $30k.
As much as I've grown to dislike Bitcoin and the rest of the crypto space since 2021, the idea seems like it will continue to stick around, while distrust and dissatisfaction with governments continue from both the political left and the political right. I do not think this means anything good about near-term societal trends, which you can read about in previous posts.
I'd much rather make a video about this now, but Tradingview has made it impossible for me to successfully record my screen since some recent updates. I haven't been engaged enough on here to try and get it sorted out.
In any case, you can see that this is an incredibly important pivot point for Bitcoin. It's butting up against a major downtrend, the 100 week MA (yellow), and a previously broken uptrend. If it can continue consolidating here and break out, we could see a pretty huge upswing towards a new all-time high, maybe sooner than others are expecting. I am no longer much of a supporter of this market, or I would have been buying the lows (just my emotional bias speaking here). I am a little disappointed to see it doing so well, despite the clear manipulation, fraud, and rampant misrepresentation.
Something to pay attention to is the TOTAL crypto market cap, which looks far less bullish than Bitcoin itself. I am still worried about Stablecoins, and the implication of possible criminal investigation.
To make it clear: I am flipping a bit bullish in terms of price, but still bearish on fundamentals. On the bearish technical side, a close back below the 200 week MA after a high-volume selloff in this range should send price at least back to the $15k lows.
Of course, anything is possible! This is meant for speculation and entertainment only. This represents my opinion, and is not meant as financial advice.
-Victor Cobra
