Bitcoin Daily shows us that a HUGE Hurdle has been crossed
The question I will answer in this post is "What is the significance of that Blue line that BTC PA is now sitting on"
On the Daily chart, we can see it has been tested as support and Held.
Previously, it was resistance..
So what ? This has happened many times before.
Lets zoom out and look at the weekly.
So, we see that the Blue line was also the rejection zone in 2021.
Infact, if you look, it has rejected BTC PA 5 times since March 2021 and we have finaly managed to get over it and seem to be comfortable using ot as support now.
This leaves the door open to move higher once PA is ready
But there is WAY MORE to this
Lets look at the monthly chart
So now we see that that same Blue Arc has also been rejecting BTC PA since 2011.
That is nearly the entire life span of Bitcoin and it is certainly the entire life span of its current Bullish momentum since we entered the current channel we are in..
So, in many way, this could be seen as a new beginning, a New cycle.
We do need to remain cautious for now though. As we can see, we did get over this line in 2013 but fell back below......and of course, the possibility for this to happen again exists BUT we now have massive Corporate investment. This could stop that fall.
PA needed to get over this line or fall.
Should this fail to hold for now, we will return to lower lines of support, around 70K- 80K but I would anticipate a massive buying spree should that happen.
The next few months in Bitcoin are absolutely CRUCIAL.
We need to remain above this Arc.
And as I have shown months ago, this Arc is not just a line drawn freehand.
It is actually calculated and is part of a Fibonacci Arc.
The Monthly chart also shows us we are near the ATH Zone on a time span shown under PA on this chart.
We may not see the steep rise we have previously...but the Major Victory is remaining ABOVE this Blue Arc
Fingers Crossed
