Support has been challenged, pierced and tested… It continues to hold.
Good morning my fellow Cryptocurrency trader, I hope you are having a wonderful day.
Bitcoin looks great. On this chart, we can draw an inverted head and shoulders pattern based on the recent struggle around support. This pattern would be quite pronounced on the 1H timeframe.
This pattern says that lower is not possible. The market tried and it failed. The bulls won.
I noticed something when going through the charts, whenever I search for a trading pair vs Tether (USDT), now Coinbase shows up on the list, second or third. Coinbase never showed up in the past when looking for USDT trading pairs. Is this because the Cryptocurrency market has been declared as “not securities”?
Or is this a recent addition to Coinbase?
Anyway, trading activity and market participation has been increasing wildly from USA. This is good and the timing is awesome. We can read this as another bullish signal.
Ok. Let’s get back to Bitcoin 4H.
Let’s review the sequence of higher lows: $62,510, $63,030, $65,618 & $67,361.
Each higher low gets farther away from the previous one. The first two are four days apart; then it takes eight days for the next one; then another fourteen days.
Is this pattern telling us that the next up-move will last much longer compared to previous ones?
If the next higher low is twenty eight days away, then there is plenty of time for growth.
Enough speculation. BTCUSDT continues to trade above support. The most relevant and important support levels short-term are still $69,000 and $70,000, the action is happening above. With each passing hour, minute or day, the bullish bias becomes stronger.
No more confirmations are needed, I hope you are with me now! Bitcoin is soon to start trading above $80,000.
The transition period, the past 6-8 weeks, the action has been contained, mild at best—weak. This is the build-up process and it has been going long enough. The next move is likely to show huge bullish momentum. It will be fun.
Feel free to leave a comment with your altcoins and I will do an analysis for you. As Bitcoin grows, the altcoins market will also grow.
The time is now.
I appreciate you.
Thanks a lot for your continued support.
Namaste.