February 2021 was a massive month for Bitcoin, hanging onto gains of 36%. Now it's time to recharge that energy before the next power move.
It's that time for me to take a step back, zoom out, and gain some perspective on the BTC market to better understand where things are goin.
In my mind BTC is very much alive, living and breathing, it has a pulse, can you feel it?
I think it shares traits with most everything else we experience around us.
You don't need to be an athlete to know that when you've spent massive amounts of energy you need time for recovery.
It's time for rest and to fuel back up before your next go!
Bitcoin made a massive run in February and looking at this 4 hour chart I would expect that it will take the next couple weeks in March to refuel.
In other words, It's Power Up Time!
Looking into this 4 hour fib chart it appears that BTC is going to want to consolidate and build up energy around the $48k mark.
I would expect to see some peaks in the area of 51k and lows around 43k. At this rate the accumulation zone looks to be anywhere between 42k and 45k. Long time traders pls feel free to chime in and correct me if I'm wrong.
Building energy and consolidating around the 47K mark for a couple weeks is great news in my opinion.
Sideways action might be less ideal for traders but this power up period will be our foundation going forward.
What Doesn't Kill You Only Makes You Stronger
This old adage holds true even in crypto! Consolidating at the current zone for the next week or two or three creates a zone that can act as support in the future.
What's sometimes scary is when prices move up too quickly with no opportunities to consolidate. This blank space on a chart can be worrisome if the price was to fall, as there's simply no support to catch it.
Embrace The Powerup
I'm looking at maybe third week of March before we're ready to make the next power move.
I was pretty spot on with calling the last major breakout, although I incorrectly predicted that ETH would hit 2k before BTC hit 50k.
But within a few days of each both came to fruition and we all won with BTC leading the way.
That sexy cup and handle. Still bullish AF.
Happy trading guys, have an awesome weekend!
Ciao for now,
@agr8buzz