🅱️ Bitcoin Monthly Reveals The Truth For... Back To Basics

19 сент. 2023 г.

Let's forget about the targets, short-term price swings and corrections for a little while and focus on the price action, what is really happening with Bitcoin so we can define what is likely to happen next.

The main/major and most important detail to figure out right now, for beginners, is Bitcoin's current technical status, the trend.

Is Bitcoin bearish or bullish?
Has Bitcoin been going down or up?

Since late 2021 through late 2022 we clearly have a major bear market, the climax happening in November 2022 after Bitcoin hit a multi-year low.

After the multi-year low in November 2022 Bitcoin went on a little accumulation phase and the recovery started to happen as soon as we entered the year 2023.

2023 Starts with 3 months green. A break of EMA50 as resistance, the downtrend broken, bullish action dominates the asset, we went from down to up.

The major move, the actual trend is bullish based on this initial breakout and now the once resistance level (EMA50) is being tested as support.

Since March 2023 Bitcoin has been trading monthly above EMA50, testing this level three times so far (June, August, September) on a wick.

The entire period from March '23 through present day can be called "sideways" action, a consolidation phase.

Having a strong consolidation phase after a massive bullish breakout (100% growth from Nov. '22 through Apr. '23) translates into Bitcoin bullish as long as support holds, as long as support doesn't break.

Bitcoin is extremely bullish on the monthly timeframe above 25,500 (0.382 Fib.) / 25,274 (EMA50). These technicals remain valid above 23,000, 21,000 and even 20K.

The Bitcoin - BTCUSD - chart is saying up! We will let the market take care of the rest.

Namaste.