PA for Bitcoin has been a breath of fresh air after near on 14 months of downtrend and now, as we come towards the 1.618 Fib line at $28K, we may need a reality check
While the Weekly MACD is still Bullish and below 0, the lower time frames do need to chill out so as to keep some ability to push higher at a later date
The 1.618 line will be a hurdle and the obvious challenge is to get above it and use it as support while PA catches it breath
This would then allow ALT coins to push higher also, as so far, the ALTS have outperformed Bitcoin in % Gains since Jan 2023
But Rejection for PA is still a VERY Real possibility and the FED has already said that higher Rate rises are likely. and so, PA may come back down to test the line of resistance it just passed through, to test it as support before moving on.
The next 4 weeks for Bitcoin are Critical and Nothing is certain.
Traditional Finance is NOT happy with Crypto taking its money and it Will use its Army, like the FED and SEC to try and destabilise Crypto
THIS is the real war right now...
While the Weekly MACD is still Bullish and below 0, the lower time frames do need to chill out so as to keep some ability to push higher at a later date
The 1.618 line will be a hurdle and the obvious challenge is to get above it and use it as support while PA catches it breath
This would then allow ALT coins to push higher also, as so far, the ALTS have outperformed Bitcoin in % Gains since Jan 2023
But Rejection for PA is still a VERY Real possibility and the FED has already said that higher Rate rises are likely. and so, PA may come back down to test the line of resistance it just passed through, to test it as support before moving on.
The next 4 weeks for Bitcoin are Critical and Nothing is certain.
Traditional Finance is NOT happy with Crypto taking its money and it Will use its Army, like the FED and SEC to try and destabilise Crypto
THIS is the real war right now...
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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.
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.