From the bear market lows(red) we entered into consolidation phase(white) in 2023 and in october 2023 the bull market was ignited(green). Since then BTC has climbed these ~50% steps up and right now we are at the verge of entering the last 50% step up of this bull phase taking us up to 160k. Are we going to see the last step up on upcoming months or are we going to see a rejection and keep consolidating inside the current box?
If we compare the previous two steps up(green arrow) to the current situation, the set up is a little bit different now than before. Previously, BTC has practically blasted through the box resistance without hesitation but now we have spent more time just underneath the box resistance with two failed attemps(3D) of breaking the resistance. Also, what concerns me, is the fact that during this cycle the summer months june-july(marked inside the box) has not been strong for BTC and we have witnessed MACD forming bearish divergences during these months due to a rejection from the highs towards the bottom of the box. This very thing is happening again and if confirmed, no new ATHs for this summer. Of course, a solid strong candle close above the resistance clarifies the future and set us on our way to 160k.
If we compare the previous two steps up(green arrow) to the current situation, the set up is a little bit different now than before. Previously, BTC has practically blasted through the box resistance without hesitation but now we have spent more time just underneath the box resistance with two failed attemps(3D) of breaking the resistance. Also, what concerns me, is the fact that during this cycle the summer months june-july(marked inside the box) has not been strong for BTC and we have witnessed MACD forming bearish divergences during these months due to a rejection from the highs towards the bottom of the box. This very thing is happening again and if confirmed, no new ATHs for this summer. Of course, a solid strong candle close above the resistance clarifies the future and set us on our way to 160k.
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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.