Bitcoin- Bulls MUST hold above 40k

4 мар. 2022 г.

And the "must" from the title is not clickbait...

There are 2 reasons for this:
1. The psychological one: A fail for Bitcoin to stay above this level would confirm 45k as very strong resistance and more importantly, that bulls don't have any power and rallies are simply corrections.
2. From a technical point of view, a dive under 40k would expose 34k again and would put Btc in a rectangle, a strong continuation pattern with a high probability of breaking under. Going further, a break under 34k would confirm a double top (no, I don't think that 30k will hold in the long run in such an instance) with a target on a logarithmical scale of around 15k.

P.S: I was accused that I'm a perpetual bear, I'm not, and this time I'm long some coins, this doesn't mean that I'm blind...